Monday, 19 August 2013

IFRS: NAICOM meets erring operators over delayed results


 
Chuks Udo Okonta

The National Insurance Commission (NAICOM) will tomorrow in Abuja, meet insurance companies that are yet to submit their 2012 International Financial Reporting Standard (IFRS) compliant financial accounts, Inspen has learnt.

The Commission in a circular, signed by its Director Supervision, Nicholas Opara, entitled: Meeting with Insurance Companies on the Delayed Submission of 2012 Audited IFRS Accounts and Annual Returns to the Commission, said the meeting will provide an avenue for the NAICOM to share experience with the firms on problems areas observed in the course of the review of 2012 IFRS accounts.

He noted that Chief Financial Officers and External Auditors of all affected companies are to attend the meeting.

He said: “The meeting will provide the invitees the opportunity to share from our experience those problems area observed in the course of the review of 2012 IFRS accounts, particularly, the conversion processes including the basic reconciliations of NGAPP Accounts to IFRS.”

Opara noted that attendance to the meeting is not mandatory, but highly recommended to solve problems.

The commission said it has only approved accounts, Mansard Insurance Plc, ADIC Insurance WAPIC Insurance Plc, Oasis Insurance and Consolidated Hallmark Insurance, adding that the accounts of the rest 55 firms are still being processed.

 

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