General Insurance Article - ABI comment on IFRS 17


The UK Endorsement Board (UKEB) has announced that it has approved the adoption of the International Accounting Standards Board’s (IASB) IFRS 17 Insurance Contracts for use by UK companies.

 David Otudeko, ABI Head of Prudential Regulation says: “We note the UK Endorsement Board’s (UKEB) decision to endorse IFRS 17 for use in the UK. The ABI recognises the improvements to financial reporting IFRS 17 affords and welcomes the certainty this decision provides for UK insurers who prepare their financial statements on an IFRS basis. The UKEB must now focus its efforts on ensuring the UK’s voice is heard in resolving outstanding IFRS 17 implementation issues.

 This includes the current live issue relating to the quantification of benefits provided under an annuity contract which is a material issue for UK annuity providers and was the subject of a recent IFRS interpretations committee tentative agenda decision.

 We urge the UKEB as part of its remit for international influencing to engage with the IASB to secure a positive outcome for UK annuity providers.” 

Back to Index


Similar News to this Story

1 in 4 long Covid sufferers feeling decline in mental health
As long Covid continues to impact the health of approximately 1.8 million1 people across the UK, adding pressure onto the NHS and employers, research
Billions spent on garden goods but are not insured
The average value of possessions in UK gardens is £1,722.90 per home, new research from MoneySuperMarket has found, representing an increase of 36% on
FCA tackling scams faster as part of data strategy
The Financial Conduct Authority (FCA) is using data to tackle online fraud faster by scanning approximately 100,000 websites created every day to iden

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.