Insurers Repeat Calls To Reform Unpopular Accounting Rules

Law360, London (March 19, 2020, 2:50 PM GMT) -- Europe’s insurance industry on Thursday repeated its calls for reform to incoming accounting rules, after the international standards board responsible for them announced their delay for a year but did not give in to concessions.

Insurance Europe, which represents the sector, said it was “disappointed” that the International Accounting Standards Board did not decide to make wider changes to the International Financial Reporting Standard Regime 17 when it announced Tuesday that it would delay the rules until Jan. 1 2023. They were originally expected to come into force on the same date in 2021.

The unpopular IFRS 17, which was drawn...

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