Insurers meeting IFRS disclosure challenge

Insurers meeting IFRS disclosure challenge

Concerns remain though about comparability

The accounts of major global insurers – filed under International Financial
Reporting Standards – are now considerably longer and provide valuable new
information for users, according to PricewaterhouseCoopers.

But the Big Four firm’s survey also found that financial statements tended to
be less clear and harder to follow than before as a result of the
experimentation in implementing some of the changes and the different approaches
taken with regards to presentation.

Alex Finn, partner at PwC, said: ‘The huge increase in the length of the new
accounts is testament to the amount of extra work involved. And yet, there is a
great deal more work to come, given that IFRS is still only at an interim stage
for insurers and a harmonised standard for the valuation of liabilities has yet
to be finalised.

Finn said the PwC survey emphasised ‘how important it is for insurers to work
together to enhance the clarity, consistency and usability of their financial
statements, especially in areas where the new regime leaves insurers
substantially free to choose the nature or format of presentation’.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource