ENHANCING CORPORATE GOVERNANCE THROUGH THE FINANCIAL REPORTING COUNCIL OF NIGERIA: A COMPREHENSIVE ANALYSIS OF FRCN'S ROLE AND IMPACT UNDER THE FRCN (AMENDMENT) ACT 2023
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Date
2024-12-01
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Faculty of Law, Al-Hikmah University, Ilorin
Abstract
This paper presents an in-depth examination of the Financial Reporting Council of Nigeria's (FRCN) role in advancing corporate governance, with a particular focus on the implications of the recent revisions introduced by the FRCN(Amendment)Act 2023. The analysis delves into the progression of the FRCN's functions, emphasizing its regulatory, supervisory, and enforcement duties. The study investigates how these legislative updates are designed to fortify corporate governance structures, enhance transparency, and promote adherence among Nigerian companies. Through a review of recent legislative efforts, the paper assesses the possible FRCN's success in tackling governance issues, thereby elevating financial reporting standards, and building investor trust. The results indicate that the amendments to the FRCN Act represent a pivotal advancement in the modernization of corporate governance in Nigeria, providing valuable perspectives on its potential effects on the corporate sector.
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AL-HIKMAH UNIVERSITY LAW JOURNAL