IFRS Compliance: NCRIB frowns at non-compliance by members

　

Shoderu

By Nkechi Naeche

The Nigerian Council of Registered Insurance Brokers (NCRIB) on Tuesday frowned at the non-compliance of IFRS template by members of the council.

The President and Chairman of Council, Ayodapo Shoderu, disclosed this at the monthly members evening sponsored by Union Assurance Plc, held in Lagos that the accounts submitted by some members did not conform to the IFRS template made available by the National Insurance Commission(NAICOM).

According to him this situation is saddening to the council which has initiated further contacts with Naicom on how to anomaly could be corrected.

He said "We are happy that Naicom is further opening channels of understanding of the template through a free training which is being planned for brokers across the country."

He added that the management has also approved that a committee be constituted to monitor and exchange notes on IFRS compliance issues by members.




Source: Businesstoday