He said presently, the relevant departments of the company are working simultaneously on System testing and Implementation (pre and post); Review and produce 2021 and 2022 Financial positions; produce interim IFRS 17 compliant financial statements including transition disclosure.

Speaking on the problem with current IFRS 4, he said the IFRS 17 replaces the IFRS 4 – an interim standard that allows insurers to use local Generally Accepted Accounting Principles (GAAP) to measure insurance contracts; no single way to account for insurance contracts; existing accounting makes it hard for investors to see which groups of contracts are profit-making and which are not.

The impact of IFRS 17, according to him include improved comparability for the first time; relevant and updated measurement of insurance contract liabilities; a more intuitive presentation of financial performance and position; enhanced disclosure and transparency and a clear distinguishing of insurance activities from investment activities.

While commending the National Insurance Commission (NAICOM) for the Roadmap for the implementation of IFRS 17 for the insurance industry in Nigeria, he said the Commission is working seriously since 2019 towards ensuring the full adoption of IFRS 17 in the Nigerian insurance industry.