Admin Table of Contents
- 1 What are the functions of accounting Standard Board?
- 2 What is the function of FRCN?
- 3 What is the structure of the Financial Accounting Standard Board?
- 4 What is the full meaning of Frcn?
- 5 What are the standard setting process?
- 6 What is the meaning of Frcn in Nigeria?
- 7 What kind of financial system does Nigeria have?
- 8 What is the mandate of the Central Bank of Nigeria?
- 9 What is the sweetener in the Nigerian financial system?
What are the functions of accounting Standard Board?
The main function of the ASB is to formulate Accounting Standards so that such standards may be established by the ICAI in India. While formulating the Accounting Standards, the ASB will take into consideration the applicable laws, customs, usages and business environment prevailing in India.
What is the function of FRCN?
The functions of the FRCN are specified in section 8 of the Act and its functions include development of accounting and financial reporting standards, enforcement of accounting standards, advising the federal government on accounting and financial reporting standards, maintaining a register of professional accountants …
What is the structure of the Financial Accounting Standard Board?
The FASB comprises seven full-time board members that are appointed by the FAF Board of Trustees. Members may serve up to two five-year terms. A professional staff of more than 60 people supports the FASB.
What is the function of Financial Reporting Council of Nigeria?
The Financial Reporting Council of Nigeria monitor and promote education, research and training of members in the fields of Accounting, auditing, financial reporting and corporate governance.
What are the features of IFRS?
Key Features of the New IFRS Conceptual Framework
- On 29 March 2018 the IASB published its new Conceptual Framework, nearly three years after the 2015 exposure draft.
- Prudence and neutrality.
- Measurement uncertainty and faithful representation.
- Substance over form and faithful representation.
What is the full meaning of Frcn?
From Wikipedia, the free encyclopedia. The Federal Radio Corporation of Nigeria (FRCN) is Nigeria’s publicly funded radio broadcasting organization.
What are the standard setting process?
The FASB decides whether to add a project to the technical agenda based on a staff-prepared analysis of the issues. The Board deliberates at one or more public meetings the various reporting issues identified and analyzed by the staff. The Board issues an Exposure Draft to solicit broad stakeholder input.
What is the meaning of Frcn in Nigeria?
Federal Radio Corporation of Nigeria
The Federal Radio Corporation of Nigeria (FRCN) is Nigeria’s publicly funded radio broadcasting organization.
What is the major function of accounting?
The main functions of accounting are to keep an accurate record of financial transactions, to create a journal of expenditure, and to prepare this information for statements that are often required by law. The most basic of accounting functions is to record the data.
What are the functions of Financial Reporting Council of Nigeria?
1) The FRCN has a function to develop accounting and financial reporting standards. These standards are to be observed by public entities to publish their financial reports and statements; 2) The FRCN reviews, promotes and enforces the standards of the accounting and financial reports to all organizations in Nigeria;
What kind of financial system does Nigeria have?
According to the Central Bank of Nigeria research series (1993) the Nigerian financial system refers to a set of rules and regulations and the aggregation of financial arrangements, institutions, agents, that interact with each other and the rest of the world to foster economic growth and development of a nation.
What is the mandate of the Central Bank of Nigeria?
The mandate of the Central Bank of Nigeria (CBN) is derived from the 1958 Act of Parliament, as amended in 1991, 1993, 1997, 1998, 1999 and 2007. The CBN Act of 2007 of the Federal Republic of Nigeria charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government.
What is the sweetener in the Nigerian financial system?
The sweetener is interest income that makes the surplus units (savers) to transfer their purchasing power to the deficit units (investors).This what is called actual resources flow from lenders to borrowers Through this the production of goods and services is improved which also reflects on the aggregate output of our Nation.