Key Points:
- Cornerstone Insurance PLC delays filing of 2023 Audited Financial Statements and Q1 2024 Unaudited Financial Statements.
- Delay caused by transition to IFRS 17 Accounting Standards.
- New filing deadline set for July 31, 2024.
Details:
Background:
On June 21, 2024, Cornerstone Insurance PLC announced a delay in filing and publishing its Audited Financial Statements for the year ended December 31, 2023 (2023 AFS), as well as its Unaudited Financial Statements for the first quarter ended March 31, 2024. The delay affects compliance with the regulatory timelines set by the Nigerian Exchange Limited (NGX) and the Securities and Exchange Commission (SEC).
Reason for Delay:
The delay is attributed to the introduction of IFRS 17 Accounting Standards, which required significant changes in reporting methods and consequently extended the audit process. The company’s audited accounts and financial statements for 2023 have been filed with the National Insurance Commission (NAICOM) and are currently awaiting regulatory approval.
Regulatory Extension:
Cornerstone Insurance PLC has obtained approval from the NGX to extend the deadline for filing the 2023 AFS and Q1 2024 Unaudited Financial Statements. The company assures stakeholders that the financial statements will be submitted and published on or before July 31, 2024.
Company Statement:
Cornerstone Insurance PLC apologizes for the delay and reaffirms its commitment to compliance and transparency. The company thanks its shareholders and stakeholders for their understanding and patience during this transitional period.
Conclusion:
Cornerstone Insurance PLC is working diligently to meet the new filing deadline and ensure accurate financial reporting in compliance with the new IFRS 17 standards.
- Cornerstone Insurance PLC delays filing of 2023 Audited Financial Statements and Q1 2024 Unaudited Financial Statements.
- Delay caused by transition to IFRS 17 Accounting Standards.
- New filing deadline set for July 31, 2024.
Details:
Background:
On June 21, 2024, Cornerstone Insurance PLC announced a delay in filing and publishing its Audited Financial Statements for the year ended December 31, 2023 (2023 AFS), as well as its Unaudited Financial Statements for the first quarter ended March 31, 2024. The delay affects compliance with the regulatory timelines set by the Nigerian Exchange Limited (NGX) and the Securities and Exchange Commission (SEC).
Reason for Delay:
The delay is attributed to the introduction of IFRS 17 Accounting Standards, which required significant changes in reporting methods and consequently extended the audit process. The company’s audited accounts and financial statements for 2023 have been filed with the National Insurance Commission (NAICOM) and are currently awaiting regulatory approval.
Regulatory Extension:
Cornerstone Insurance PLC has obtained approval from the NGX to extend the deadline for filing the 2023 AFS and Q1 2024 Unaudited Financial Statements. The company assures stakeholders that the financial statements will be submitted and published on or before July 31, 2024.
Company Statement:
Cornerstone Insurance PLC apologizes for the delay and reaffirms its commitment to compliance and transparency. The company thanks its shareholders and stakeholders for their understanding and patience during this transitional period.
Conclusion:
Cornerstone Insurance PLC is working diligently to meet the new filing deadline and ensure accurate financial reporting in compliance with the new IFRS 17 standards.