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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