Section 7: Powers of the Board.

The Board shall have powers to(a) identify accounting statements which require standardisation and establish the order or priority for addressing them;
(b) determine the scope and objectives of each standards;
(c) prescribe the methods and procedure for the production of standards;
(d) prescribe the time table for the production of each standards;
(e) approve discussion papers, exposure drafts and standards;
(f) enforce and approve enforcement of compliance with accounting standards in Nigeria; and
(g) exercise such powers as are necessary or expedient for giving effect to the provisions of this Act.