The IASB’s insurance contracts project aims to increase transparency and to reduce diversity in the accounting for insurance contracts. With a final standard expected in 2016, the probable effective date is at least 1 January 2020.
The magnitude of evolving insurance accounting change should not be underestimated, particularly when considering the impact of the new financial instruments and revenue standards. If insurers start planning now, the wave of change could open up opportunities for synergies.
Our materials will help you understand the evolving proposals and assess the potential impact on your company. Look out for further updates.