PerspectivesInsurance Accounting Newsletter August 2013
PerspectivesGlobal IFRS Insurance Survey 2012
The proposed changes in International Financial Reporting Standards (IFRS) 4 Phase II, IFRS 9 and the corresponding proposals in the United States are highly complex. Implementing them will require considerable time and expense. This international study analyses over 200 insurers’ attitudes towards,
Insurers’ preparations for the new IFRS accounting rules
The results of the Global IFRS Insurance Survey 2013 are now out, reporting on the responses of almost 300 insurers from across Western Europe, North America and Asia Pacific in relation to their preparation for the new IFRS accounting rules.
This latest international and independent analysis of insurers’ preparations for the new accounting rules has been undertaken by the Economist Intelligence Unit on behalf of the Deloitte member firms.
In the summer of 2013 the Economist Intelligence Unit (EIU), on behalf of Deloitte, surveyed 300 insurers headquartered in Asia-Pacific, North America and Western Europe to investigate the views of insurance companies on the intricacies of the International Financial Reporting Standards (IFRS) and their level of preparation for implementation.
The Global IFRS Insurance Survey is an international collaboration between 11 Deloitte member firms to develop the ‘industry view’ on insurers’ preparation for the new IFRS accounting rules.
The EIU surveyed insurance decision-makers knowledgeable about the approach their organizations will take on the adoption of the new IFRS and asked for their opinions on the arrival of a new IFRS for insurance contracts. The geographic coverage of respondents includes major North American, European and Asian insurance companies. 300 respondents participated, capturing both life and non-life insurers (with approximately 50 percent per sub-group) which included a sufficiently representative range of sizes measured by their written premium net of reinsurance.
Read the full report.
The new International Financial Reporting Standards (IFRSs) that are in the making will dramatically change the way insurance companies across the globe prepare financial reports for their stakeholders. Through collaboration between 12 Deloitte member firms the Economist Intelligence Unit have undertaken an international survey of close to 300 insurers to develop an ‘industry view’ on this transformation to insurance reporting.
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