Section 8: Functions of the Council.(as amened by Section 3 of the Financial Reporting Council of Nigeria (Amendment) Act, 2023.)

(1) The Council shall-
(a) develop and publish accounting and financial reporting standards to be observed in the preparation of financial statement of public interest entities;
(b) review, promote and enforce compliance with the accounting and financial reporting standards adopted by the Council ;
(c) receive notices of non-compliance with approved standards from preparers, users, other third parties or auditors of financial statements;
(d) receive copies of annual reports and financial statements of public interest entities from preparers within 60 days of the approval of the board of public interest entities;
(e) advise the Federal Government on matters relating to accounting and financial reporting standards;
(f) maintain a register of professional accountants and other professionals engaged in the financial reporting process;
(g) monitor compliance with the reporting requirements specified in the adopted code of corporate governance;
(h) promote compliance with the adopted standards issued by the International Federation of Accountants (IFAC), International Financial Reporting Standards Foundation (IFRS), International Public Sector Accounting Standards Board (IPSASB) or any other body that may be designated as such and any other setting body relating to the mandate of the Council;
(i) monitor and promote education, research and training in the fields of accounting, auditing, financial reporting and corporate governance;
(j) conduct practice reviews of registered professionals ;
(k) review financial statements and reports of public interest entities;
(l) enforce compliance with the Act and the rules of the Council on registered professionals and the affected public interest entities;
(m) establish such systems, schemes or engage in any relevant activity, either alone or in conjunction with any other organization or agency, whether local or international, for the discharge of its functions;
(n) receive copies of all qualified reports together with detailed explanations for such qualifications from auditors of the financial statements within a period of 30 days from the date of such qualification and such reports shall not be announced to the public until all accounting issues relating to the reports are resolved by the Council;
(o) adopt and keep up-to-date accounting and financial reporting standards, and ensure consistency between standards issued and the International Financial Reporting Standards;
(p) specify, in the accounting and financial reporting standards, the minimum requirements for recognition, measurement, presentation and disclosure in annual financial statements, group annual financial statements or other financial reports which every public interest entity shall comply with, in the preparation of financial statements and reports;
(q) develop or adopt and keep up-to-date auditing standards issued by relevant professional bodies and ensure consistency between the standards issued and the auditing standards and pronouncements of the International Auditing and Assurance Standards Board, International Organisation of Supreme Audit Institutions or any other body that may be designated as such and any other international standards setting body relating to the mandate of the Council;
(r) perform such other functions which in the opinion of the Board are necessary or expedient to ensure the efficient performance of the functions of the Council; and
(s) maintain a national repository for electronic submission of General Purpose Financial Statements by public interest entities.
(2) The Council may issue rules and guidelines for the purpose of implementing, financial reporting, corporate governance, auditing and accounting standards.