Insurers Told To Prepare For Unpopular New Accounting Rules

Law360, London (October 23, 2019, 5:26 PM BST) -- Insurers should start preparing for the introduction of controversial new accounting standards for the industry and be ready to face problems along the way as they implement them, an insurance expert from KPMG has said.

Ferdia Byrne, a partner at the Big Four accounting company, wrote in a blog post on the Association of British Insurers' website that there is “no clear view” about how the implementation of a sweeping new set of rules on how insurers report their profits to investors will actually work.

The new rules, called the Financial Reporting Standard 17 regime or IFRS 17, are due to...

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