Section 6: Functions of the Board.

The Board shall-
(a) develop and publish in the public interest, accounting standards to be observed in the preparation of financial statements;
(b) promote the general acceptance and adoption of such standards by preparers and users of financial statements;
(c) promote and enforce compliance with the accounting standards developed or reviewed by the Board;
(d) review from time to time the accounting standards developed in line with the prevalent social, economic and political environment;
(e) receive from time to time notices of non-compliance with its standards from the preparer, user or auditor of an account;
(f) receive copies of all qualified reports together with detailed explanations for such qualifications from auditors of the accounts within a period of 60 days from the date of such qualification;
(g) advise the Minister on the making of regulations under section 356 of the Companies and Allied Matters Act, 1990;
(h) advise the Federal Government on matters relating to accounting standards; and
(i) perform such other duties which in the opinion of the Council, are necessary or expedient to ensure the efficient performance of the functions of the Board under this Act.