Chuks Udo Okonta
Knowledge and
skill gap; lack of sufficiently deep actuarial know how in conducting actuary
valuation aspects of the financial statements; limited shareholders engagement amongst
others, have been identified as challenges affecting insurers in aligning their
accounts with the International Financial Reporting Standard (IFRS).
Head/ Legal and
Regulation Division, Nigerian Stock Exchange (NSE) Tinuade Awe, who disclosed
this, said it was expected that insurance companies would have little or no
problem in transiting to IFRS, but reverse seem to be the case.
She said: “The issue
of first time adoption of IFRS offs the table, it was expected that insurance
companies will face lesser challenges in the preparation and submission of
their accounts as at when due that has not been borne so far.
“The insurance
sector has the negative distinction of usually having a majority of its members
filing in default, even before IFRS adoption.”
She noted that the
discharge of continuous disclosure obligations among insurers is very
discouraging, and the tax regime also not encouraging.
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