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