The New World for Insurance - Business perspectives on Phase II is based on a number of discussions with key global insurance companies from October 2010 through January 2011. Known as "Phase II," the latest International Accounting Standards Board (IASB) exposure draft and Financial Accounting Standards Board (FASB) discussion paper were the products of joint deliberations by the Boards. All insurers are likely to be impacted, whether they are transitioning to IFRS for the first time, moving to a new IFRS insurance standard or potentially adopting revisions to US GAAP.
This publication focuses on the business issues for the insurance industry in transitioning to Phase II. Nineteen leading, global insurance companies with headquarters in eleven countries provided their views the potential business impacts of Phase II. This publication highlights the implications for how insurers manage their businesses, causing a re-think of issues as varied as product design, data requirements, communications with analysts and shareholders, systems, controls and tax. This publication serves as an excellent way to progress client conversations on assessing the impact and preparing for the implementation of Phase II.