Nigerian Churches and mosques to report their financial transactions from January 2013

From This DayThe Financial Reporting Council (FRC) said it had designed an accounting system for churches, mosques and other not-for-profit organisations, adding that it will compel them to report their financial transactions periodically from January 2013. The move is to ensure that more Nigerians are dragged into the corporate tax net.

This question is will it work effectively?