Yesterday, the Financial Reporting Council of Nigeria (FRC) announced plans to adopt standards from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in order to formally include Islamic Finance Services into the nation’s financial reporting structure. During his speech at the 7th Africa Islamic Finance Conference in Lagos, Dr. Rabiu Olowo, Executive Secretary/CEO of the FRC, revealed this. According to him, the action is in line with FRC’s legal obligation to establish, oversee, and implement financial reporting standards in Nigeria.
About The Author
