IASB proposals demand “complete overhaul” of performance reporting
PricewaterhouseCoopers (PwC) is alerting insurers to the need for a “complete overhaul” of their systems and performance reporting.
The advice follows proposals from the International Accounting Standards Board (IASB) released today, which according to PwC “represent a fundamental change to the way insurers’ accounting will be conducted in the future”.
However, the firm’s global insurance leader, David Law, adds: “Insurers should welcome the exposure draft as a significant step forward to achieving a global comprehensive and comparable accounting model.”
PwC partner, Gail Tucker, expects industry reaction to be divided and warns of “increased volatility” in insurer’s reported results as under the proposed new system, market movements will affect reported profit.
She suggests that insurers work closely with industry analysts to make sure they fully understand the changes and what insurers’ accounting will look like once they are implemented.
Category: Financials, Insurance News
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