The Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE), have given consent to the The National Insurance Commission (NAICOM) to extend the submission of the 2018 financial results for underwriting companies to April ending.
This information was disclosed in Lagos by the Deputy Commissioner for Insurance in charge of Technical matters in NAICOM, Thomas Olorundare Sunday.
Reason for the extension
The extension was declared to make sure that underwriters in the Nigerian insurance industry do not go against the governing rules of the International Financial Reporting Standards (IFRS) 9. It will also to allow insurance companies tidy their accounts in line with the (IFRS) 9.
Submission of 2018 financial results – NSE also extended the deadline for insurance companies quoted on the NSE to submit their 2018 financial results, following their transition to the International Financial Reporting Standard, IFRS 9.
Insurance companies have up till July 2019 31st to submit their results against the usual time frame of June 30th every year.
NAICOM requested the extension – NAICOM requested for the extension so that insurance companies can have enough time to arrange their results in accordance with the IFRS 9 model.
“WE HAVE REACHED OUT TO THE NSE AND SEC TO GRANT EXTENSION TO INSURANCE COMPANIES AS REGARDS SUBMISSION OF THEIR 2018 FINANCIAL RESULTS, AND THEY HAVE GRANTED ONE MONTH EXTENSION TO INSURANCE FIRMS QUOTED ON THE NSE.”
“OPERATORS NEED TO DO MORE TO INCORPORATE THE TENETS OF IFRS 9 INTO THEIR ANNUAL FINANCIAL RESULTS.”
About the IFRS 9
Established by the International Accounting Standards Board (IASB), the IFRS 9addresses the accounting for financial instruments.
It specifies how an entity should classify and measure financial assets, financial liabilities, and some contracts to buy or sell non-financial items. it introduces a structured approach to the classification and measurement of financial assets that reflects the business model in which they are managed and their cash flow characteristics.
Source: Daily Post