Deloitte comments on the International Accounting Standards Board insurance contracts exposure draft
20 June 2013 - Glenn Gillard, IFRS insurance leader, Deloitte Ireland said: “The IASB’s exposure draft is a positive step forward for financial reporting in the insurance industry. If adopted, the proposals will bring about more consistency and transparency, helping to move away from the patchwork of accounting practices permitted under the current IFRS interim standard. Consistency and transparency are what capital markets need to get better clarity and comparability around insurers’ reporting and it could act as an incentive for investors to pay closer attention to the insurance sector.
“These proposed changes will impact the insurance industry more than any previous change in financial reporting. Insurers should use the exposure draft to assess the potential implications for their business, looking specifically at how their profit profile, data, systems and market communications may have to adapt. This is the first step on a long implementation road ahead, so insurers will need to take action now to achieve a smooth transition and to prepare investors to the new reporting basis.”
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