Accounting Change for Insurers 

Changing the way global insurance companies conduct and report on business.

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Keeping pace with evolving Insurance Accounting Change is challenging. Highly complex, the magnitude of these changes should not be underestimated.  The proposed standards will undoubtedly introduce more volatility to equity and the profit or loss account and there is no question that an insurers’ financial statements would look very different compared to today.  Insurers would be likely to feel the consequences throughout their organisations.   If insurers start planning now, the wave of change could open up opportunities for synergies in areas such as data collection, modelling capability and investment in systems and resources. To learn more, read our latest publication Towards the Final Frontier: Business Perspectives on the Insurance Accounting Proposals.

 IFRS insights on insurance

Towards the Final Frontier: Business Perspectives on the Insurance Accounting Proposals

Even though the new accounting standards’ likely effective dates are expected no earlier 1 January 2018 or 2019, Insurers should start to consider the impact on their reporting, systems, talent, and business.

New on the Horizon: Insurance contracts (PDF 92 KB)

The IASB and FASB issued their exposure drafts on insurance contracts in June, marking a major step towards a common insurance reporting framework.

 IFRS Newsletters: Insurance

The IFRS Insurance newsletter highlights key developments relating to the joint International Accounting Standards Board and U.S. Financial Accounting Standards Board Insurance Contracts project. Each issue provides a summary of recent IASB and FASB discussion related to the joint insurance contracts project and the current timeline.

 Other resources

Webcast Replay: Business perspectives on the insurance accounting proposals

IFRS Accounting change for insurance webcast, January 20, 2014. Register today to understand the business impacts of the proposed changes.

IASB and FASB Accounting Proposals on Insurance Contracts

This webcast focused on the components of the IASB’s and FASB’s proposed measurement model for insurance contracts.

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Gary Reader

Gary Reader

Global Head of Insurance

+44 20 76944040

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