EU Insurers Seek Shake-Up Of Unpopular Accounting Rules

Law360, London (September 11, 2019, 12:41 PM BST) -- Europe’s insurance industry urged an international standards board on Wednesday to reform incoming accounting rules, claiming there are still problems with the unpopular standards despite several concessions.

Insurance Europe, which represents the sector, said it has asked the International Accounting Standards Board to make changes to the International Financial Reporting Standard 17 regime, which was drafted in May 2017 to help simplify the financial reports that insurers are required to provide to investors.

The group and CFO Forum, which speaks for 23 large insurance companies in Europe, have sent a joint letter to the European Financial Reporting Advisory Group, a committee...

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