‘IFRS 17 implementation’ll improve standardisation process’

Leadway Assurance Limited has restated its preparedness towards keying into full implementation of the International Financial Reporting Standard (IFRS 17).

The firm is also appreciative of steps already taken by the National Insurance Commission (NAICOM) on the Roadmap for the implementation of IFRS 17 and the Commission’s consistency in working towards that line since 2019 to ensure the full adoption of IFRS 17 in the Nigerian insurance industry.

The IFRS 17 (previously known as IFRS 4 Phase II) is an International Financial Reporting Standard developed by the International Accounting Standards Board (IASB) providing new standards for reporting profit emergence from insurance contracts, scheduled to take effect from January 1, 2023.

The main objective of the IFRS is to standardize insurance accounting globally to help users of accounts make sensible comparisons between companies, their past performance, their current financial position and risk exposure.

Speaking on “Navigating the New Financial Reporting Standard,” at a one-day workshop organized by Leadway Assurance for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos on Tuesday Mr. Raphael Akomolede, Finance Department, gave insights on the position of Leadway regarding the implementation of the IFRS 17.

He said the company has completed solution design which takes care of Gap Analysis, Financial and Operational Impact Assessment; Designed Future State of Finance Process/Technology Gap Analysis; Development, Documentation and Review of Target Operating Model; Preparation of Technical documents and Reviews and Vendor Selection for IFRS 17.