Participants of a
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
‘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.
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks