Chuks Udo Okonta
Insurance
brokers under the umbrella of Nigerian Council of Registered Insurance Brokers
(NCRIB) have adopted a unified International Financial Reporting Standard (IFRS) template to enable them
have a seamless transition and possibly forestall the challenges
presently faced by some underwriters in getting their 2012 accounts approved.
President of the NCRIB, Mrs Laide Osijo, in a telephone
interview, exclusively told Inspen
that the NCRIB has engaged IFRS experts to develop a unify template that
members would all adopt in preparing that 2013 accounts.
Brokers according to IFRS guidelines issued by the National
Insurance Commission (NAICOM) are to prepare their 2013 accounts with IFRS
requirements.
Osijo noted that
brokers are assiduously working hard to have a seamless transition, adding that
some brokers have aligned their accounts with the IFRS. She said the adoption
of a unified template would enable brokers produce their accounts at an
affordable cost.
She said: “We are really preparing for transition to IFRS.
The NCRIB as a secretariat is IFRS complaint. Our 2012 and 2013 accounts will
be prepared in line with IFRS requirements. We have gone through trainings and
our accounts have been prepared accordingly. For members’ accounts, we have set
up an accounting committee that is working with an external consultant to
develop the template that we will use. We are trying to conform to the training
we had with NAICOM. Some of the big brokers and few small ones in their
personal rights have complied. Like my company we have complied.
“The companies that have complied selected the templates
that suit them, but we want a unified template that will be attested to by
NAICOM, that will make it economical and cost effective for all brokers. For if
we allow brokers to do it individually, it will be costly, we want to do it as
a group using one template. And we are seriously working on that.
“Note that our transition will start with 2013 accounts; we
are prepared, for we would not want to experience what some underwriters are
passing through at the moment.”
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