Starting ahead of the game: Insurer’s preparations for the new IFRS accounting rules
When the International Accounting Standards Board (IASB) issued its most recent exposure draft for the new accounting standard for insurance contracts in June 2013, insurers interpreted this as the sign to warm up for a three-year race.
The standard - IFRS 4, Phase II - transforms how insurers account for income and liabilities from insurance contracts that they sell, and creates a new financial language with which to inform investors about the performance of this complex global industry.
The Economist Intelligence Unit, on behalf of Deloitte, surveyed 293 senior insurance executives around the world to discover how they were preparing for these accounting changes, what the impact of the changes is likely to be and what challenges their businesses face in conducting this once-in-a-generation transformation.
Read the full report and find out how the implementation of IFRS is retooling not just insurers' IT systems but the way that their businesses - and even their products - are structured.