The Nigerian Stock Exchange(NSE) has extended the deadline for quoted insurance companies to submit their 2018 financial results, following their transition to the International Financial Reporting Standard, IFRS 9.
This gives the insurance companies till July 31 to submit their results against the statutory time frame of June 30 every year.
The extension came as a result of an appeal by the National Insurance Commission, NAICOM, to the NSE to give insurance companies more time to file their results in the IFRS 9 model.
Many of the companies had lamented that the implementation of the IFRS 9 in the 2018 financial year as against initial scheduled period of 2020 will cause delay in the submission of their results.
However, Deputy Commissioner, Technical, NAICOM, Mr. Sunday Thomas, noted that the Commission had reached out to the other regulators to extend some grace period to the insurers.
Thomas had told journalists in Lagos, last week, that NAICOM also had one-on-one dialogue with operators and had engaged Chief Financial Officers (CFOs) of insurance firms in terms of implementation of the financial model.
He added that the adoption and effective implementation of IFRS9 will ultimately enhance transparency in financial transactions in the insurance industry.
Thomas said: “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. IFRS 9 provides significantly improved information because 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.”
According to Thomas, many companies are already complying while some have already submitted their IFRS 9 compliant financial statements.