What is IFRS (International Financial Reporting Standards)
What are the benefitsof IFRS
It provides more consistent,qualitative and quantitative information about the company.
It is intended to facilitate the movement ofcapital worldwide and provide clarity and consistency to financial reporting in the global market.
Draw Backs of IFRS
In view of this shortcoming, the Nigerian Council of Registered Insurance Brokers intends to mitigate the cost effect of conversion of its members via the establishment of “Shared Service Scheme” for IFRS Conversion whereby all members pay some amount of money which is pulled together for the payment of consultants engaged by the Council to assist its members convert to IFRS.
What is the Role of External Auditors in IFRS Conversion
When are Insurance Broking Companies expected to adopt IFRS
What are the steps taken by NCRIB to ensure its members convert to IFRS
Why is NCRIB involved in the project
The Governing Board of NCRIB approved the recommendation of the Technical
Committee which was eventually ratified at the October, 2013 Annual General Meeting by the General Assembly of members, hence, the N100, 000.00 levy to be paid by each member.
It significantly improves the comparability of Financial Statements of your organization