Egypt – Changes to insurance accounting guide
Monday, 03 27 2017, Category: Insurance and Reinsurance, Country: Egypt
The board of directors of the Egyptian Financial Supervisory Authority chaired by Mr. Sharif Samy issued amendments to the Egyptian accounting guide for the insurance sector in an anticipatory move to treat the effects of the foreign exchange movements that followed the liberalization of the Egyptian Pound.
Moreover, Mr. Sharif Samy chairman of the authority confirmed that insurance companies have been affected by changes in exchange rate in their assets and liabilities. Therefore, there are restrictions in the shareholders’ equity account, which cannot be distributed or spent except by the guidelines of the Egyptian Financial Supervisory Authority.
Source: Al Mal News