The European Commission is asking for talks between the board and insurers to be held urgently, in order to relay concerns that the new rules will cause volatility in financial reports. Fair value is once again at the centre of the issue, with insurance companies required to record liabilities at market value.
Also included in the proposals are the wiping out of tax-sheltered catastrophe provision, which have been used to smooth fluctuations in profits, and the banning of offsetting insurance liabilities against related reinsurance assets.
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day