Run Off & Restructuring

IFRS 4 draft insurance contracts published

Ernst & Young has welcomed the publication of the long-awaited exposure draft on phase II of International Financial Reporting Standard (IFRS) 4 Insurance Contracts by the International Accounting Standards Board. Ernst & Young says there is now real potential for insurance companies to include IFRS in their wider implementation programmes for capital management.

The IFRS 4 exposure draft has been a decade in development. Once it becomes a standard in 12 months time, it will replace a confusion of grandfathered generally agreed accounting principles (GAAPs) with a single IFRS for all insurance contracts. To date, insurers have been relying upon ...

Mixed reaction to IASB exposure draft

The insurance industry will have a mixed reaction to the insurance contracts exposure draft published by the International Accounting Standards Board (IASB), according to PricewaterhouseCoopers.

‘The proposals released today represent a fundamental change to the way insurers' accounting will be conducted in the future, resulting in one of the biggest challenges to hit the industry in recent years,’ comments David Law, global insurance leader, PricewaterhouseCoopers.

‘The impact will be felt across the sector and will require insurers to conduct a complete overhaul of their systems and performance reporting. Due to the chang...