Churches, Mosques to Render Account from January

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 net. This, according to the FRC boss, is also in line with the International Financial Reporting Standards (IFRS).


One thought on “Churches, Mosques to Render Account from January

  1. This has been long in coming. Since churches have raised their statuses to money-making organizations in God’s name, they must play fair by declaring their profit/loss and pay tax accordingly. You cannot be a prosperity-bounty hunter without prospering the nation and the people you daily milk. We cannot continue to have vast empires with absentee-landlords somewhere in heaven.

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