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The following are the major regulations that guide the operations of the Corporation when carrying out its statutory functions, in particular supervision of licensed financial institutions.

Prudential Guidelines

Prudential Guidelines were issued by the Banking Supervision Department of Central Bank of Nigeria (CBN) through the circular letter no. BSD/DO/23/Vol. I/11 dated November 7, 1990 to all licensed banks and their auditors. The Guidelines addressed the requirements for asset classification, provisioning, interest accruals and off balance sheet engagements. Banks are expected to be guided by this circular in the management of their assets.

The circular is reproduced here. You can view the circular by clicking
Prudential Guidelines, but note that the Guidelines are presently under review.

Monetary Policy Guidelines

Monetary, Credit, Foreign, Trade and Exchange Policy guidelines are issued by Central Bank of Nigeria, (CBN) to banks and other financial institutions in Nigeria. Current and prevoius copies may be obtained from CBN or you could visit the CBN web site at www.cenbank.org.

NATIONAL ACCOUNTING STANDARD BOARD (NASB)

Section 344 of Companies and Allied Matters Act, 1990, (CAMA) provides that the directors of every company shall in respect of each year of the company, prepare financial statements for the year to contain the necessary details as provided in the Act.

Section 355 (1) CAMA states as follows:

"The Financial statements of a company prepared under section 344 of the Act, shall comply with the requirements of schedule 2 to the Act with respect to their form and content, and with the accounting standards laid down in the Statements of Accounting Standards issued from time to time by the Nigerian Accounting Standards Board to be constituted by the Minister after due consultation with such accounting bodies as he may deem fit in the circumstances for this purposes provided that such accounting standards do not conflict with the provisions of this Act"

Following the above provision, the National Accounting Standard Board (NASB) was constituted with the following members:

Central Bank of Nigeria (CBN)
Corporate Affairs Commission (CAC)
Federal Board of Inland Revenue (FIRS)
Federal Ministry of Commerce (FMC)
Federal Ministry of Finance (FMF)
Nigerian Accounting Teachers Association (NATA)
Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMMA)
Nigeria Deposit Insurance Corporation (NDIC)
Securities and Exchange Commission (SEC)
Auditor-General for the Federation
Accountant-General of the Federation
Association of National Accountants of Nigeria (ANAN)
Chartered Institute of Taxation (CITN)
The Institute of Chartered Accountants of Nigeria (ICAN)
The Board from time to time issues Statements of Accounting Standards (SAS) which seek to provide a guide for policies and accounting methods that should be followed by companies (banks) in the preparation of their financial statements relative to income recognition, loss recognition, balance sheet classification and many other provisions. The Board since inauguration has issued twenty-one (21) consecutive Statements of Accounting Standards (SAS) to date.
You can view the current SAS by visiting the NASB website www.nig-asb.org