Accounting/tax IFRS

News

Zurich CFO welcomes "unexpected benefits" of IFRS 17

George Quinn forecasts a smooth transition to the 2023 accountancy standard

Scor CEO: IFRS 17 will force us into improving value explanation

During RVS 2022, Laurent Rousseau warned to expect more volatility in financial metrics

Interpretations Committee to consider tweaks to IFRS 17 for multi-currency contracts

Changes to wording of tentative agenda decision due for approval next week

US Senator probes Blackstone subsidiary over "tax evasion" policies

PPLI could be used for tax avoidance by wealthiest, says Wyden

KPMG: seven ways insurers can prepare for IFRS 17 and IFRS 9

Standards will significantly change financial reporting for underwriters

IFRS 17 annuity accounting decision approved by IASB

Accounting standards board also considers clarifications on multi-currency contracts

IFRS Interpretations Committee concludes on annuity profit recognition for IFRS 17

Insurers had advocated for an alternative method to be used

IFRS 17's multiple currency implications to be reviewed

An upcoming date for the IFRS Interpretations Committee to consider the issue has been agreed

Sun Life to lose up to 20% in shareholder equity with IFRS 17

Canadian insurer expects increase in liabilities due to CSM on transition

IFRS 17 third-party reliance a "key risk" for Mena insurers

AM Best comments on region's preparedness for the accounting standard

Europe stresses quality of outreach with IFRS 17 annuity ruling

The UK, meanwhile, has urged broader issues to be addressed at post implementation review

Discount rates a major factor for IFRS 17 PAA eligibility in reinsurance

Reinsurance contracts with longer coverage periods are not automatically eligible for PAA

IFRS 17 "ripe for judicial review", says UK peer

Sharon Bowles continues to attack UKEB/FRC over secret discussions and audit reforms

UK officially approves IFRS 17

UKEB raises broader concerns with annuity profits recognition and calls for a more in-depth review

Disclose IFRS 17 impacts mid-year, Esma urges insurers

The authority published its disclosure recommendations for EU insurers

Analysis

LDTI: beneath the headlines

The biggest US insurance accounting change in decades is causing some startling impacts on financial metrics, but the likely effects of LDTI are not troubling many. Sarfraz Thind reports

IFRS 17: still waiting for disclosures

The IFRS 17 accounting standard is due to be implemented in five months' time, but many insurers are leaving it until the eleventh hour to reveal what impact the transition will have on their financial metrics. Christopher Cundy and Paul Walsh report

IFRS IC likely to stand its ground on IFRS 17 annuity decision

Staff at the IFRS Interpretations Committee have backed the original decision on annuity accounting, going against the view of most stakeholders. Cintia Cheong reports

LDTI takes a bite from insurer balance sheets

US insurers have begun disclosing the impact of 2023's new accounting standard, proving beyond doubt it will be one of the biggest shifts in accounting rules in years. Sarfraz Thind reports

Annuity profits and RITC top concerns in UK's IFRS 17 endorsement

Despite overall support for adoption of IFRS 17, the UK Endorsement Board has received pushback from some stakeholders over a handful of issues. Cintia Cheong reports on the concerns

QBE's Richard Rees: IFRS 17 is less of a leap for Australian insurers

The insurer's IFRS 17 technical lead in Europe tells Cintia Cheong why the insurer will have to prepare for three different accounting bases after Brexit and explains the unresolved issues with implementation