Section 59: Preparation of Financial Reports in accordance with Standards.(as amened by Section 14 of the Financial Reporting Council of Nigeria (Amendment) Act, 2023.)

(1) The accounts, financial reports or annual returns and other documents required under the following Acts, or the amendments thereafter, shall be adopted for that purpose by the Council-
(a) Banks and other Financial Institutions Act, No. 5, 2020;
(b) Companies and Allied Matters Act, No. 3, 2020;
(c) Investments and Securities Act, No. 29, 2007;
(d) Nigerian Investment Promotion Commission Act, Cap. N117, LFN, 2004;
(e) Insurance Act, Cap 117, LFN, 2004;
(f) Pension Reforms Act, No. 4, 2014;
(g) Federal Mortgage Bank of Nigeria Act, Cap. Fl 6, LFN, 2004;
(h) Finance Act, No. 3, 2021;
(i) Fiscal Responsibility Act, No. 31, 2007 ; and
(j) Finance Control and Management Act, No. 33, 1958.
(2) Where there is any conflict between the financial reports or annual returns and other documents required or prepared in fulfilment of the relevant Sections of the Acts listed in sub-section (1) of this Section and other Acts which deal with financial reporting, the standards and guidelines adopted for that purpose by the Council shall to the extent of that inconsistency, prevail.