Churches, Mosques To Submit Financial Reports To FRC From January 2013

Mr Jim Osayande Obazee

The Financial Reporting Council (FRC) at the weekend said it had designed an accounting system for , mosque  and others not-for-profit organisations, adding that they must report their financial transactions in proper format from January 2013.
Speaking at the 2012 annual conference of the Finance Correspondents Association of Nigeria (FICAN) in Ijebu-Ode, Executive Secretary/Chief Executive Officer, FRC, Mr. Jim Osayande Obazee, said the move was to ensure that more Nigerians are dragged into the corporate tax net.



Obazee said: “We want to release our Statement of Accounting Standards (SAS) 32 because we want churches and charities to begin to present accounts. They just file returns to the Corporate Affairs Commission (CAC) and so long as they pay the N1000, they are home and dry. But we are saying that they must report their financial transactions in proper format.

“Also, once charity organisations engage in non-charity activities, they would have to submit those goods for taxable purposes. A country is not run by oil, but by tax. Go to the internet and you see all the branches of the Redeemed Christian Church in United Kingdom, you will see their accounts and over there, they fully disclose the amount collected as a church. But in our own, people are asking me: “Jim, do you want God to render account.”