RegulationAccounting StandardsIFRS switch challenges for US insurers

IFRS switch challenges for US insurers

CFOs and senior life insurance executives agreed that the industry is struggling to understand and prepare for the impact the financial reporting changes will have on business

Participants of a
roundtable
hosted by Ernst & Young in the US
has found that life insurance
companies are struggling to cope with the changes resulting from the convergence
of US GAAP and IFRS.

CFOs and senior life insurance executives agreed that there was an
over-riding consensus that the industry is struggling to understand and prepare
for the impact the financial reporting changes will have on business.

The regulations are still in flux but companies who seek to understand the
impacts of the changes on their businesses will be better equipped to deal with
them.

‘Impacting pricing and risk management, the transition to principles-based
reserving and capital, coupled with pending regulatory convergence, will require
significant changes in processes and systems,’ said E&Y’s senior actuarial
advisor, Tara Hansen.

Further reading:

Only 20% of US CFOs willing to adopt IFRS

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