Brokers commence shared services on IFRS implementation

Working towards implementation of shared services in the adoption of International Financial Reporting Standard (IFRS), insurance brokers under the umbrella body of the Nigerian Council of Registered Insurance Brokers (NCRIB) have commenced a nationwide training for its members.

The brokers numbering over 450 and the largest insurance brokerage group in Africa will have the training in three zones Lagos, Enugu and Abuja be able to accommodate all its members.

Ayodapo Shoderu, president of the NCRIB, declaring the Lagos training programme open said the Council engaged the services of leading IFRS consultants under its shared services scheme to reduce the cost burden on individual operators, and therefore enjoined its members to check the website of the Council for their names and periods when their training falls due.

Shoderu opined that the IFRS was designed as a common global language for business affairs so that companies accounts are understandable and comparable across international boundaries.

“IFRS is a consequence of growing international shareholding and trade and are important for companies that have, or angling to have dealings in several countries, of which Insurance Brokers are critical interest groups to comply with the new trend,” he said.

He said the IFRS behooves on accountants in brokerage firms to maintain books of accounts which are comparable, understandable and relevant, saying that the scheme required that operators be more transparent and meticulous in their financial accounting formats.