Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Industry: Financial Services, Insurance
  • Type: Regulatory update
  • Date: 11/02/2014

Towards the Final Frontier: Perspectives on Insurance Accounting Proposals 

KPMG welcomes the progress towards implementing a more common framework for insurance reporting. The proposed standards will be, without question, the biggest ever financial reporting change for the insurance industry.

Derived from significant collaboration between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) the new standards for insurance contracts will improve the comparability of financial reporting among insurers globally.

 

Hear KPMG Australia Partner, Scott Guse's webcast on the paper.

 

In this publication we:

  • provide a high level guide to the key accounting changes including the measurement model, volatility, financial instruments accounting and asset-liability management
  • consider potential changes to systems and processes, such as amendments to modeling capabilities and administration systems, as well as systems to collect and aggregate data for disclosure
  • outline the people and change impacts – the skills insurers require after the transition may differ from those required today
  • discuss the broader business impacts and why the changes may affect the types of products that an insurer sells, the investments that it holds, executive compensation arrangements and how insurers communicate their results to the market.

 

Futher information

View our Global Toward the Final Frontier site for further analysis.

 

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Insurance

KPMG’s Insurance group helps general insurance companies, health, life, reinsurance and broking arms of the industry make better business decisions.

Financial Reporting & Accounting Standards

KPMG has extensive experience in applying accounting standards, both Australian accounting standards and IFRS, to a range of transactions.