Nigeria’s financial reporting reforms spark debate among stakeholders

The Presidential Enabling Business Environment Council (PEBEC) is addressing growing concerns over the Financial Reporting Council of Nigeria’s (FRCN) new fees and annual dues imposed on Public Interest Entities (PIEs).

Recent amendments to the FRCN Act expanded the definition of PIEs to include private companies, concession entities, and privatised firms.

The changes aim to strengthen corporate governance and enhance financial transparency.

However, the introduction of new payment structures and penalties for non-compliance has sparked unease among affected businesses.

To address these concerns, PEBEC is facilitating stakeholder engagements to encourage open dialogue and find balanced solutions.

“These sessions will foster collaborative problem-solving among key stakeholders,” said Princess Zahrah Mustapha Audu, Director General of PEBEC. “We hope to reach a meaningful resolution soon.”

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The FRCN’s revised framework has led to questions about its impact on businesses and the ease of doing business in Nigeria.

Companies affected by the changes are seeking clarity on compliance requirements and financial obligations, urging regulators to consider the economic climate.

PEBEC reassures businesses and investors of its commitment to fostering a competitive and transparent business environment.

“We will continue to emulate best practices to ensure Nigeria remains an attractive destination for investment,” Audu stated.

As discussions continue, stakeholders await possible revisions to the policy to strike a balance between corporate accountability and sustainable business operations.

PEBEC’s involvement signals a proactive approach in addressing regulatory concerns while maintaining investor confidence in Nigeria’s economic landscape.