Javascript DHTML Drop Down Menu Powered by dhtml-menu-builder.com
 
See a list of licensed Players;
Our Contacts
Address:
Plot5,Kyadondo Road, Nakasero. Legacy Towers, Block B, 2nd Floor.
Kampala 22855 - Uganda
 
E-mail: ira@ira.go.ug
Telephone: 0312-266364/ 0414-346712 / 041-4253564
Fax: 256 414 349260
http://www.ira.go.ug

Insurers updated on the new accounting standards -IFRS9..

IRA CEO Alhaj Kaddunabbi Ibrahim Lubega welcomes Mr. Wilson Kaindi a senior manager at KPMG to make a presentation at the CEOs' breakfast meeting on 25th January 2018.

The insurance sector is set to change the way it will be reporting on its investment portfolio and other financial instruments. This comes in awake for insurers specifically to comply with the International Financial Reporting Standard 9 (IFRS 9), which became effective 1st January 2018.

While orienting industry Chief Executive Officers at a breakfast meeting on 25th January, 2018 at Serena Hotel, Wilson Kaindi the Senior Manager at KPMG said, under the new accounting standard insurers will be required to switch to expected credit loss approach of impairment, as opposed to the incurred loss approach which is being used under the current accounting standard.

“In essence, insurers will have to make provisions in anticipation of future losses, rather than the current practice of making provisions only when losses occur,” Kaindi said adding that insurers will therefore have to ensure that financial assets are classified appropriately. 

The IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega, said it is important that as industry players, you continuously re-invent yourselves and adapt to the changing demands and needs of our market. He urged players to consider adopting the standard early so that the sector improves its financial reporting.

   


Complaints Bureau
About the Bureau
The Authority set up a Complaints Bureau in 1998 as per Section 15(f) of the Insurance Act to handle complaits against Insurance players. The public is urged to always lodge complaints with the Bureau for prompt settlement to complaints and avoidance of lengthy and costly Court cases
For complaints / Suggestions
Your Name:
Your Email :
Phone Number :
Insurer / operator :
Your Complaint:

© Insurance Regulatory Authority Uganda

Webnet Design 2013

Old Mails New Webmail
Website counter