NAICOM will not approve non-compliant financial statments – Daniel


1-naicomThe National Insurance Commission (NAICOM) on Friday said the commission would not approve financial reports of insurance companies that failed to meet the International Financial Reporting Standard (IFRS).

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Mr Fola Daniel, the Commissioner for Insurance, said this at the 2013 NAICOM seminar for insurance correspondents in Ilorin.

“IFRS presents proper way of presenting financial accounts, as such, the commission will rather delay clearance of financial accounts submitted by some insurance companies than approving deceitful statements.

“It will be bad if the commission allows non-worthy account to be put in the public domain,” he said.

Daniel said the commission had a Help Desk to assist insurance companies to ensure that they presented proper financial statements for approval.

Mr Nicholas Opara, NAICOM Director of Supervision, said that  most of the reports submitted by insurance companies did not meet the IFRS.

Opara said this while delivering a paper titled “IFRS Implementation: Observed Issues and Challenges with 2012 Statutory Report.”

He said that some of the auditors involved in compiling such accounts had been reported to the Institute of Chartered Accountants (ICAN).

He said that NAICOM would continue to supervise financial statements and approved them when the required standard was met. (NAN)

Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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