The Financial Reporting Council of Nigeria Bill, which repealed the Nigerian Accounting Standards Board Act and replaced it with a new set of regulations, was approved by the Senate on May 18, 2011. The decision was in accordance with a report provided by Senate Finance Committee Chairman Ahmed Makarfi.
Thus, on July 20, 2011, the Financial Reporting Council Bill became a law.
The Central Bank of Nigeria, the Corporate Affairs Commission, the Federal Inland Revenue Service, the Federal Ministry of Trades and Investment, the Federal Ministry of Finance, the Auditor-General for the Federation, the Accountant-General for the Federation, the Securities and Exchange Commission, the Nigerian Accounting Association, and the National Insurance Commission are a few examples of corporate members of the FRCN.
Others are the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Nigeria Deposit Insurance Corporation, Institute of Chartered Accountants of Nigeria, Nigerian Institution of Estate Surveyors and Valuers, Association of National Accountants of Nigeria, Chartered institute of Taxation of Nigeria, Corporate Affairs Commission, National Pension Commission, Chartered Institute of Stockbrokers, Nigerian Stock Exchange.