Naicom inaugurates working group for effective implementation of ifrs 17

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NAICOM Inaugurates Working Group for Effective Implementation of IFRS 17

The National Insurance Commission (NAICOM) has inaugurated a working group to ensure the effective implementation of International Financial Reporting Standard (IFRS) 17 in the Nigerian insurance industry. IFRS 17 is a new accounting standard that aims to provide a consistent and transparent approach to measuring and presenting insurance contracts.

The working group, comprising representatives from insurance companies, actuaries, and other stakeholders, will work together to develop guidelines and procedures for the implementation of IFRS 17 in Nigeria. The group will also provide training and capacity building for insurance companies and other stakeholders to ensure a smooth transition to the new standard.

The NAICOM Commissioner, Mr. Guduade Mohammed, emphasized the importance of IFRS 17 in promoting transparency and consistency in the insurance industry. He noted that the standard will help to improve the accuracy of financial reporting and provide investors with a better understanding of the financial performance of insurance companies.

The working group will be chaired by a representative from NAICOM, and will have a tenure of one year. The group will meet regularly to discuss progress, address challenges, and provide recommendations to NAICOM on the implementation of IFRS 17.

Overall, the inauguration of the working group is a significant step towards ensuring the effective implementation of IFRS 17 in Nigeria, and promoting the growth and development of the insurance industry.