Tuesday 24 September 2013

NCRIB prepares brokers for easy transition to IFRS

 
President Nigerian Council of Registered Insurance Brokers (NCRIB) Laide Osijo; Chairman Lagos Area Committee of the NCRIB, Patrick Ikponmwosa and his predecessor, Tunde Oguntade at the event.
 
 
Chuks Udo Okonta
The Nigerian Council of Registered Insurance Brokers (NCRIB) is working assiduously to assist members towards compliance with International Financial Reporting Standard (IFRS) through share service scheme, its outgoing President, Mrs Laide Osijo, has said.
She disclosed this today Tuesday, at the Farewell Lunch for Insurance Journalists in Lagos. She noted that in view of the need to adapt to the changing global business and financial dynamics, the council under her administration has complied with the international financial reporting standard, adding that the financial statement of the council for year 2013 is being reported using the IFRS specifications.
Osijo said: “It is heartening to report that the financial statement of the council for year 2013 is being reported using the IFRS specifications. In a similar vein, the council, under my administration established the Internal Audit Department and employed qualified auditors to man the Audit and Compliance Unit of the secretariat.
“It is noteworthy that through the efforts of the department, an operational manual has been evolved to enhance smooth operation of all the departments of the council. The council is working assiduously to assist members towards compliance with IFRS through shared service scheme.”
She noted that aside helping brokers to align with international best practices, her administration has also created a platform to expose brokers to opportunities in other sectors, adding that the maiden edition of the platform tagged: Investment Platform was recently, hosted by UAC Property Development Company Plc.
 

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