NAICOM will be coaching the transition to IFRS standards

The National Insurance Commission (NAICOM) is planning to elaborate directives designed to help insurers cope with the international accounting standards IFRS (International Financial Reporting Standards). NAICOM is keen on ensuring uniformity in the financial statements of insurance companies. The transition to IFRS is expected to take place over two stages. By 2015, all insurers will have to comply with these standards.