In meeting up with industry challenges and international best practice, the Nigerian Council of Registered Insurance Brokers (NCRIB) has commenced the training of its members on the International Financial Reporting Standards (IFRS).
A statement by the council quoted the President of the NCRIB, Mr. Ayodapo Shoderu while declaring open the pilot training programme in Lagos that the body engaged the services of leading IFRS consultants under its shared services scheme to reduce the cost burden on individual operators.
He noted that the IFRS was designed as a common global language for business affairs so that companies’ accounts would be understandable and comparable across international boundaries as the world is now a global village.
Hear him” “the IFRS is a consequence of growing international shareholding and trade and are important for companies that have, or are angling to have dealings in several countries, of which insurance brokers are critical interest groups to comply with the new trend.”
According to the statement, the Commissioner for Insurance, Mr. Fola Daniel who was represented by the Assistant Director, National Insurance Commission, Mr. Egwu Kenneth, commended the NCRIB for being the first insurance group in the country to take the initiative of shared services scheme under which its members were being trained for the IFRS.