Standards Body Floats Tweaks To Unpopular Insurance Rules
Law360, London (June 26, 2019, 5:05 PM BST) -- An international standards board proposed amendments on Wednesday aimed at helping insurers to implement new accounting rules after firms complained about the impact of the sweeping changes on their businesses.
The International Accounting Standards Board set out changes to the unpopular International Financial Reporting Standard 17 regime, which was issued in May 2017 to simplify financial reports that insurers must provide to investors. And the standards setter agreed to a one-year delay to the original 2021 start date, giving insurers until 2022 to get their heads around the updates.
Insurers have complained to the board, known as IASB, about the impact...
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