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 early 2016, the probable effective date is now 1 January 2019.
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.
Issue 50 – Technical redeliberations almost complete
The new financial instruments standard is part of a sea-change in reporting for insurers.
Preparing insurers for accounting change.
New proposals under IFRS could have far-reaching impacts for insurance companies.