Technical Summary IFRS 1 First-time Adoption of International Financial Reporting Standards

The objective of this IFRS is to ensure that an entity’s first IFRS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that:

(a) is transparent for users and comparable over all periods presented;

(b) provides a suitable starting point for accounting in accordance with International Financial Reporting Standards (IFRSs); and

ADOPTION OF THE INTERNATIONAL FINANCIAL REPORTING STANDARD BY NIGERIA – ACCOUNTING IMPLICATIONS FOR INSURANCE BUSINESS

1.     PREAMBLE

The full adoption of IFRS by Nigeria is no longer news but a reality which, must be embraced by all concerned professionals. Therefore, the topic for this retreat is very germane and apt at this crucial time when insurance companies listed on the exchange are expected to convert to IFRS in 2012 going by the road map for its