Copying and distributing are prohibited without permission of the publisher
IASB proposals will lead to complete overhaul
30 July 2010
The International Accounting Standards Board (IASB) in London has announced proposals for the introduction of standardised book-keeping measures to give investors better data. The news been met with mixed reactions among insurers.
Read more:
International Accounting Standards Board
eversheds
PricewaterhouseCoopers
The International Accounting Standards Board (IASB) in London has announced proposals for the introduction of standardised book-keeping measures to give investors better data. The news been met with mixed reactions among insurers.
The IASB has issued a draft of a comprehensive standard that will change the accounting practices of insurers and other entities that issue contracts with insurance risk. The proposals, part of the IASB’s efforts to develop a single converged insurance standard, would replace IFRS 4, which presently permits a variety of practices in accounting for insurance contracts.
Michael Wainwright, partner at international law firm Eversheds, said consolidated supervision of insurance groups is a fundamental feature of the European Commission's Solvency II rewrite of insurance regulations in the EU.
“The proposal by the IASB to bring these accounting inconsistencies to an end is an essential step to enable effective...
You must be logged in to view this page. If you are already a registered user please log in. Alternatively, you can request a free trial or subscribe.