Adoption of International Financial Reporting Standard by Nigeria Insurance Companies

ACKNOWLEDGEMENT

I, (Name) wish to announce that all contents of this work / memory stand in my own work without any support, and this thesis / dissertation has been no research on the academic and professional in the past. It also represents my own views and not closely related to the university.

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Date: __________________________

DECLARATION

I, [name of the author], hereby declare the best of my knowledge, the entire contents of this thesis represent my real job, and that such a thesis was submitted prior to any academic research or other qualifications. In addition, he represents his own personal opinions and do not have anything to do with them at university.

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Abstract

The research aims at understanding the level of Adoption of International Financial Reporting Standard by Nigeria Insurance Companies. This is the reason Nigeria Statement of Accounting Standard 16 is compared to the new IFRS for insurance business. Accounting is the language of business that can tell with reasonable accuracy the degree of success an organisation has achieved in approaching its financial goal of profit. Purpose of this study is to develop a theoretical understanding of the Adoption of International Financial Reporting Standard by Nigeria Insurance Companies. The method of research that will be used is contend analysis. It is important to keep in mind that content analysis as a method of research is not being used commonly and is losing popularity due to simpler and easier methods where applicable. This in no way limits or reduces the importance and potential of the content analysis which can capitalize on existing information and analyzing it by converting it into quantifiable information. In content analysis, literature (usually) most relevant to the topic at hand is taken as the sample population and factors that are important to the research are classified and quantified thought coding (0 - 1) which can be analyzed and help to reach to the conclusion of the research.

TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

TABLE OF CONTENTSV

CHAPTER 01: INTRODUCTION1

Back ground of the study1

Accounting1

Background of the study3

Establishment of the regulations3

International Accounting Standards (IAS)4

History4

Research Aim6

Research Objectives6

Sub Research Question 16

Sub Research Question 27

CHAPTER 02: LITERATURE REVIEW8

Overview of Insurance8

Private (Voluntary) Insurance8

Social Insurance8

Basis of Accounting for Insurance9

Annual Accounting9

Deferred Accounting and Fund Accounting9

Accounting Issues in Nigeria Insurance Sector9

Income Recognition9

Revenue Recognition9

Premium Recognition in General Insurance Business10

Premium Recognition in Life Assurance Business10

Expenses Recognition11

Provision for Unexpired Risks11

Reinsurance11

Balance Sheet Classification12

Demands for Insurance in Nigeria and IFRS12

Cost-Benefits Associated With Adoption of IFRS13

Management of small enterprises13

Means of making profit14

CLOSING OF ACCOUNTS18

CHANGING THE ACCOUNTING SYSTEM DURING THE FINANCIAL YEAR18

CHAPTER 03: METHODOLOGY20

Overview20

Research Design20

Descriptive Research21

Exploratory Research21

Research Approach22

The Qualitative Approach22

Research Strategy23

Content Analysis24

Questionnaire and Semi-structured Interview25

Internal and External Validity26

Reliability26

Triangulation27

Ethics27

CHAPTER 04: LIKELY FINDINGS AND POLICY CONTRIBUTION28

CHAPTER 05: LIMITATIONS29

REFERENCES30

APPENDIX32

Weekly Reflective Diary32

CHAPTER 01: INTRODUCTION

The research aims at understanding the level of Adoption of International Financial Reporting Standard by Nigeria Insurance Companies. This is the reason Nigeria Statement of Accounting Standard 16 is compared to the new IFRS for insurance business. Additionally the research will discuss the major impact of the new requirements of IFRS on insurance ...