Commissioner for Insurance, Mr Sunday Thomas on Monday inaugurated sub-working groups of the Insurance Industry Financial Reporting Working Group (IIFRWG).
The groups will assist the Insurance Industry Financial Reporting Working Group (IIFRWG) in providing guidance for seamless adoption of IFRS 17 effective January 1, 2023, by insurance companies.
According to Thomas, the initiative was in line with the Commission’s strategic goal as IFRS 17 will facilitate transparency and accountability in financial reporting.
“We all know that in May 2017 the International Accounting Standard Board (IASB) issued the International Financial Reporting Standard 17 (IFRS 17) Insurance Contract which will replace the present IFRS 4 on accounting for insurance contracts with an effective date of January 01, 2023.
“Thus, beginning from January 01, 2023, all insurance and reinsurance contracts must be reported in accordance with IFRS 17 whose objective is to ensure that an entity provides relevant information that faithfully represents the insurance contracts.
“This information forms the basis for users of financial statements to assess the effect that insurance contracts have on the entity’s financial position, financial performance and cash flows.
If the effective date of application is not shifted further by the IASB, it, therefore, means that Nigeria insurance industry has less than two (2) years to prepare for the adoption of IFRS 17.”
The Commission had equally issued a “Roadmap” on Adoption of IFRS 17 Insurance Contract for Insurance Industry in Nigeria” on January 28, 2020.
The activities and timelines in the Roadmap are intended to set the tone and facilitate a coordinated process and action steps.
The Roadmap was issued for general adoption by all Insurance, Reinsurance, Takaful and Micro Insurance Companies in Nigeria.
“In addition to the inauguration of the IIFRWG and issuance of the Roadmap, the Commission had also organized an IFRS awareness training on IFRS 17 for CEOs, Non Executive Directors and Accountants of insurance and Re-insurance companies in Nigeria.
“It is now in furtherance to providing technical recommendations and production of relevant guidance for the implementation of IFRS 17 that members of the IIFRWG are now grouped into SWG that we are today inaugurating.
“The Sub Working Groups are constituted to assist the IIFRWG in the achievement of it mandates by considering those more technical aspects in the implementation of IFRS 17 and that will support in the seamless transition.”
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