Section 59: Preparation of Financial Reports in accordance with Standards.

(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 (Amendment) Act Cap. B3 LFN, 2004 ;
(b) Companies and Allied Matters Act Cap. C20 LFN, 2004 ;
(c) Investments and Securities Act Cap. 124 LFN, 2004 ;
(d) Nigerian Investment Promotion Commission Act Cap. N117, 2004;
(e) Insurance Act Cap. 117 LFN, 2004 ;
(f) Pensions Reform Act No 2, 2004 ; and
(g) Federal Mortgage Bank of Nigeria Act, Cap. F16 LFN, 2004.
(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.