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International Financial Reporting Standards (IFRS)


IFRS 4 Phase 2 is the new regulation issued by the IAS Board will should be enforced in 2013. The scope of IFRS 4 Phase 2 is the treatment of liabilities insurance contracts. The aim is to achieve consistency of accounting and valuation of insurance & reinsurance contracts across companies, as well as improving investors’ understanding of insurance companies' profitability and financial position. These new rules will have impacts (such as for Solvency II) on the organisation, processes, systems and data of a company.

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Synergies with Solvency II

We identified all potential synergies between the Solvency II and IFRS value chains. The objective of this exercise was to ensure that each key element is taken into account during the Solvency II initiative if the company decides not to start the IFRS 4 Phase 2 project before the finalization of the text. By key elements, we are referring to data requirements, business rules, fast close, and so on. Our accelerator will help our clients to avoid making some architectural changes which will no longer be relevant under IFRS 4 Phase 2 requirements.

Studies and training

Deloitte Luxembourg is recognised as a centre of competence related to IFRS 4 Phase 2. Our IFRS team is performing research and training to provide the most up-to-date information to our clients and develop the appropriate tools to support clients’ efforts.

More Learn more

  • Accounting Directive 2013/34/EU via draft Law 6718 - 19/09/2014
    The Directive 2013/34/EU on the annual financial statements was published on 29 June 2013 in the Official Journal of the European Union.
  • IFRS 15 – IASB issues a new Standard on revenue recognition - 20/06/2014
    IFRS 15 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers.
  • Comparison for investment funds 2013 IFRS/U.S GAAP/Luxembourg GAAP | Whitepaper
    Focus on moving toward a set of globally accepted standards in the area of financial reporting that address the needs of fund investors and acknowledge the unique nature of the fund accounting industry.
  • Article
    Third global IFRS banking survey - Still far from land? | Whitepaper
    This report captures banks’ current views on the International Accounting Standards Board’s (IASB) new standards and proposed changes.



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