NOTAP Approval No Longer Required for Recognition of Contract Obligations in Financial Statements.

The Financial Reporting Council of Nigeria (FRCN) has issued a Public Notice (the “Notice”) revoking its Rule 4 (“the Rule”) titled “Transactions requiring registration from statutory bodies such as the National Office for Technology Acquisition and Promotion”. The revocation which is to be applied prospectively became effective on 11 July 2019.

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