FRC targets IFRS 17 by 2023

Chinwendu Obienyi

The Financial Reporting Council of Nigeria (FRC) says it is getting its constituent ready for IFRS 17, Insurance Contracts which will be effective for annual periods beginning on or after 1 January 2023.

This is even as the Council revealed that it is at the final stage of issuing its long awaited audit regulation which is expected to provide increased transparency for investors and other stakeholders, as well as enhance economic growth amongst other benefits.

Delivering a keynote address in an interactive forum, Executive Secretary, FRC, Daniel Asapokhai, who was represented the Deputy Director/Head, Directorate of Accounting Standards Public Sector, at FRC, Dr Iheanyi Anyahara, said, the Council has recently begun assessment of IPSAS application and implementation of appropriate financial reporting framework in the public sector entities of Nigeria.

According to him, the FRC is at the final stage of issuing its long awaited audit regulation which is expected to provide increased transparency for investors and other stakeholders, as well as enhance economic growth amongst other benefits.

“On 28 May 2020, the IASB issued amendment to IFRS 16, COVID-19 -Related Rent Concessions which iseffective for annual periods beginning on or after 1 June 2020. The Council is however getting its constituent ready for IFRS 17, Insurance Contracts which will be effective for annualperiods beginning on or after 1 January 2023 after the standard was amended on25 June 2020 to defer its effective date.

The Council is aware that implementing IFRS 17 commands a radical departure from current accounting standards and produces complex operational challenges”, he said.

The FRC further said it will be organizing more events infinancial reporting, auditing and corporate governance in order to sensitize the general public and lessen the knowledge gap in IFRS standards in Nigeriain collaboration with relevant agencies and organisations.

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