The Financial Reporting Council (FRC) said it had designed an accounting system for churches, mosques and other not-for-profit organisations, adding that it will compel them to report their financial transactions periodically from January 2013.
Executive Secretary/Chief Executive Officer, FRC, Mr. Jim Osayande Obazee, who said this in a keynote address presented at the 2012 annual conference of the Finance Correspondents Association of Nigeria (FICAN) held in Ijebu-Ode at the weekend, explained that the move was to ensure that more Nigerians are dragged into the corporate tax ne
This, according to the FRC boss, is also in line with the International Financial Reporting Standards (IFRS).
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