Financial Reporting Council of Nigeria

FA – May 2013 – L1 – SB – Q1 – Regulatory Environment of Accounting

This question discusses the challenges and roles involved in the adoption of IFRS in Nigeria.

Question

The Financial Reporting Council of Nigeria Act, 2011, replaced the Nigeria Accounting Standards Board Act, No 22 of 2003.

This new body is charged with the responsibility for developing and publishing Accounting and Financial Reporting Standards to be observed in the preparation of Financial Statements of public entities in Nigeria and for related matters.

a. State FIVE challenges of adopting International Financial Reporting Standards (IFRS) in Nigeria. (10 Marks)
b. Identify FIVE roles of the Financial Reporting Council of Nigeria. (5 Marks)

Answer

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Tags: Financial Reporting Council of Nigeria, Financial Standards, IFRS Adoption
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2013

FR – Mar/July 2020 – L2 – Q6a – Economic Decisions and Conceptual Framework Advantages

Outline economic decisions for financial statements and objectives of FRCON with ethical issues they may sanction.

Question

a. The conceptual framework specifies the fundamental reasons why financial statements are produced worldwide which, is to satisfy the requirement of external users.
Required:
Outline FIVE types of economic decisions for which financial statements are likely to be used for and identify TWO advantages of conceptual framework.
(10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conceptual Framework, Economic Decisions, Ethical Issues, Financial Reporting Council of Nigeria
Level: Level 2

Topic: Conceptual Framework for Financial Reporting, Regulatory Framework for Financial Reporting
Series: MAR/JULY 2020

FA – May 2013 – L1 – SB – Q1 – Regulatory Environment of Accounting

This question discusses the challenges and roles involved in the adoption of IFRS in Nigeria.

Question

The Financial Reporting Council of Nigeria Act, 2011, replaced the Nigeria Accounting Standards Board Act, No 22 of 2003.

a. State FIVE challenges of adopting International Financial Reporting Standards (IFRS) in Nigeria. (10 Marks)
b. Identify FIVE roles of the Financial Reporting Council of Nigeria. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting Council of Nigeria, Financial Standards, IFRS Adoption
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2013

FR – Mar/July 2020 – L2 – Q6a – Economic Decisions and Conceptual Framework Advantages

Outline economic decisions for financial statements and objectives of FRCON with ethical issues they may sanction.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conceptual Framework, Economic Decisions, Ethical Issues, Financial Reporting Council of Nigeria
Level: Level 2

Topic: Conceptual Framework for Financial Reporting, Regulatory Framework for Financial Reporting
Series: MAR/JULY 2020

Question Tag: Financial Reporting Council of Nigeria

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FA – May 2013 – L1 – SB – Q1 – Regulatory Environment of Accounting

This question discusses the challenges and roles involved in the adoption of IFRS in Nigeria.

FR – Mar/July 2020 – L2 – Q6a – Economic Decisions and Conceptual Framework Advantages

Outline economic decisions for financial statements and objectives of FRCON with ethical issues they may sanction.

FA – May 2013 – L1 – SB – Q1 – Regulatory Environment of Accounting

This question discusses the challenges and roles involved in the adoption of IFRS in Nigeria.

FR – Mar/July 2020 – L2 – Q6a – Economic Decisions and Conceptual Framework Advantages

Outline economic decisions for financial statements and objectives of FRCON with ethical issues they may sanction.

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