Cornerstone Insurance PLC, a prominent player in Nigeria’s insurance sector, has informed shareholders and stakeholders about a delay in filing its Unaudited Financial Statements for the second quarter (Q2) of 2024.
This delay, as disclosed by the company, stems from unforeseen challenges related to the implementation of the International Financial Reporting Standards (IFRS) 17.
The company, in a statement released today, cited that the introduction of IFRS 17 Accounting Standards necessitated significant changes in reporting methods.
These changes, in turn, disrupted the audit process and consequently delayed the preparation of the Q2 Unaudited Accounts.
Cornerstone Insurance PLC’s Audited Accounts and Financial Statements for the year ended December 31st, 2023, have already been filed and approved by the regulatory bodies.
However, the transition to IFRS 17 has posed unexpected hurdles, causing setbacks in the timely preparation of subsequent financial reports.
In response to the delay, Cornerstone Insurance PLC has sought and obtained approval from the Nigerian Exchange Limited (NGX) to extend the deadline for filing its Q2 Unaudited Financial Statements.
The company expressed regret over the inconvenience caused by this delay but assured stakeholders of its commitment to ensuring the submission and publication of the Q2 Financial Statements by August 31st, 2024.
The delay announcement comes amid efforts by regulatory authorities to enhance financial reporting standards across Nigeria’s corporate landscape.
Cornerstone Insurance PLC remains dedicated to meeting regulatory obligations while maintaining transparency and accountability in its financial disclosures.
Investors and stakeholders are advised to monitor further updates from Cornerstone Insurance PLC as the company works diligently to finalize its Q2 2024 financial reporting process.
For more information and updates, shareholders can visit Cornerstone Insurance PLC’s official website or contact the company’s investor relations department directly.
