IFRS 17 may cost £2bn in the UK
Friday, 06 02 2017, Category: Financial, Country: United Kingdom
The implementation of the new accounting standard IFRS 17 may cost between £1bn – £2bn in the UK, said Nic Nicandrou, chief financial officer of Prudential.
“Even if a very efficient way of dealing with all the operational complexity could be found, a figure in the range of £1bn–£2bn in the UK would not seem unrealistic. For Europe as a whole, the amounts involved will be considerably higher,” Nicandrou said in the Insurance Europe annual report 2016/2017.
IFRS 17 has been developed and presented by the International Accounting Standards Board (IASB) and aims to improve transparency and comparability among insurers and across jurisdictions.
Source: Intelligent Insurer