[1][2][3] NASB was established in 1982 as a private sector initiative closely associated with the Institute of Chartered Accountants of Nigeria (ICAN).
[7] On 18 May 2011, the Senate passed the Financial Reporting Council of Nigeria Bill, which repealed the Nigerian Accounting Standards Board Act and replaced it with a new set of rules.
[9] The Executive Secretary of NASB, Jim Osayande Obazee, had strongly supported this bill, which he said would align Nigeria with other countries and improve investor confidence.
[11] At the same event, the NASB Chairman, Michael Adebisi Popoola, called for the abrogation of regulations and laws that are incompatible with IFRS.
According to Olusegun Aganga, minister of Industry, Trade and Investment, "More meaningful and decision enhancing information can now be arrived at from financial statements issued in Nigeria because accounting, actuarial, valuation and auditing standards, used in the preparation of these statements, shall be issued and regulated by this Financial Reporting Council.