AFRC stands for “African Financial Reporting Council,” an independent regulatory body that oversees financial reporting and auditing standards in African countries. It was established to promote transparency, accountability, and integrity in the financial sector, and to ensure that companies and organizations in Africa adhere to international financial reporting standards. The AFRC plays a crucial role in maintaining the credibility and stability of African economies by setting and enforcing high-quality financial reporting standards. Its mission is to foster trust and confidence in the financial markets of Africa, ultimately contributing to the economic growth and development of the continent.