Chuks Udo Okonta
The National Insurance Commission (NAICOM)
said as at today Monday June 24, only three out of the ten 2012 International
Financial Reporting Standard (IFRS) compliant accounts submitted by underwriting firms have been approved.
A statement by the Assistant Director NAICOM,
Salami
‘Rasaaq, said the approved accounts are those of Masard Insurance Plc, ADIC
Insurance and WAPIC Insurance Plc.
He
noted that the account of First Bank Life Assurance was queried and the
commission is awaiting the firm’s response, also queried and awaiting response
are those of AIICO Insurance and Oasis Insurance.
He said the response on the query
meted to Consolidated Hallmark Insurance is under review, while review is in
process on the accounts of Continental Reinsurance Company Plc, Law Union and
Rock insurance and NEM Insurance Plc.
NAICOM said following the announcement of the
adoption of the Nigeria road map to IFRS by the federal government; it expects
insurance and reinsurance companies to take appropriate steps to ensure a
seamless transition to the new financial reporting regime. It noted that to
this end, all insurance and reinsurance companies are to submit their plan, for
conversion to IFRS, by April 1, 2011. Thereafter, information on the progress
made in the implementation of the said plan should be provided in the quarterly
return to it.
It said: “This should include, but not limited to, information on the
following issues, accompanied with timelines, where necessary: IFRS awareness
and knowledge acquisition, conversion management and outline of conversion
plan, detailed Gap and IFRS impact analysis, draft IFRS-compliant financial
reports, communication channel with relevant stakeholders
“The financial statement for the years ending 31 December, 2010 should
disclose this plan and possible impact of IFRS on the opening balances for the
year 2011. In particular, the opening balance sheet for the year 2011 and their
reconciliation to the closing for the year 2011 should be submitted to the
commission not later than 1st September, 2011.
“The IFRS opening and closing balance sheets, which should form the
comparatives for 2012 financial reporting, shall be audited.”
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