IFRS 17 biggest shake up of insurance reporting
Friday, 05 19 2017, Category: Financial, Country: World
The introduction of IFRS 17, the new international accounting standard for insurance contracts, is the biggest shake up of insurance reporting for decades as it will impact profit, equity and volatility, as well as reserving and financial reporting processes, according to industry experts.
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.
Willis Towers Watson said that the implementation will be a major challenge for insurers and investors.
Source: Intelligent Insurer