United Kingdom

Details

  • Industry: Financial Services, Insurance
  • Date: 21/03/2014

FRC’s publication of FRS 103 provides further clarity  

 

Commenting on the publication by the FRC of FRS 103, the new accounting standard for insurance contracts, Danny Clark, partner at KPMG, said:
 
“While the new standard does not represent a significant change from existing insurance accounting practices, its publication is nevertheless an important moment in the development of insurance accounting.  The official starting gun has now been fired for all insurers to make sure they are ready and compliant with the new standard by 1 January 2015.  The publication of FRS 103 also completes the suite of the new UK GAAP standards. Insurance accounting still has many changes to come, but at least now UK insurers have clarity over what they will need to comply with from the beginning of next year.”

 

Ends


Notes to editors:

 

For further information please contact:


Simon Chan, PR Assistant Manager, KPMG
Tel: +44 (0) 207 694 2024
Mobile: +44 (0) 7747 564 737
Email: simon.chan2@kpmg.co.uk
KPMG Press Office: 020 7694 8773

 

About KPMG

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

 

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