General Insurance Article - IASB eases IFRS17 reporting requirements


Commenting on the decisions from the International Accounting Standards Board (IASB) meeting, which considered certain amendments to IFRS 17.

 Alex Bertolotti, IFRS 17 leader at PwC, said:"The IASB’s decision to potentially raise the level of aggregation for presenting insurance contracts as assets or liabilities on the balance sheet will be welcomed by many insurers.

 "The higher level of aggregation of asset or liability presentation should help to reduce some of the costs of implementation of the Standard for a number of insurers.

 "The IASB rejected 11 further issues and challenges that had been raised, stating that they did not meet the IASB agreed criteria for amendment. However, the IASB has decided to discuss the questions related to the variable fee approach, along with other questions related to transition at a future meeting.

 "It is expected that there will be further discussion by the IASB of the remaining reported concerns in their Board meetings in early 2019.

 "Our message to insurers is 'continue full steam ahead on your projects'- there’s so much to do, there’s little time to do it, and given the criteria for the IASB amending the standard, we do not expect many further amendments."
  

Back to Index


Similar News to this Story

Employees fear health concerns may stop them working past 65
Nearly three quarters (71%), or 23 million employees, plan to work beyond the age of 65, but two in five of these (41%) – equivalent to 9.5 million wo
Willis Towers Watson on the latest IFRS17 amendments by IASB
The International Accounting Standards Board (IASB) has published the limited scope Exposure Draft (ED), containing key proposed changes to its accoun
Banks can offer more than mobile phone insurance
Banks could be missing an opportunity to provide customers with additional mobile phone insurance services, according to research from Assurant.

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.