BusinessCompany NewsLloyd’s to change accounting system

Lloyd's to change accounting system

A package of radical reforms designed to modernise the Lloyd's of London insurance market, will include its current three-year accounting system being scrapped in favour of a conventional one-year GAAP method.

The aim of the move is to bring the market in line with the accounting procedures employed by the majority of businesses and to make it ‘more efficient’.

A spokeswoman for Lloyd’s, confirmed: ‘We will be bringing in the new shorter reporting system as of April 2005.’

The decision has been cleared for consultation by the insurance market’s ruling body, the Council of Lloyd’s. The market has used the three-year system since its formation in 1688, introduced as ships setting sail, were usually away for three years at a time.

Lloyd’s carries out its own accounting using its internal team and liases with Ernst & Young.

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