Winning the waiting game?
Deloitte’s Global IFRS Insurance Survey - Winning the waiting game?, is an international and independent analysis of insurers’ attitudes towards, and preparations for, the new accounting rules.
The proposed changes in International Financial Reporting Standards (IFRS) 4 Phase II, IFRS 9 and the corresponding proposals in the United States are highly complex. Implementing them will require considerable time and expense.
While the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) continue their deliberations on achieving a single global accounting framework, Deloitte member firms in Canada, France, Germany, Italy, Netherlands, Spain, Switzerland, U.K. and the U.S. commissioned the Economist Intelligence Unit to survey over 200 insurers operating across the globe to understand their views on the impact of these proposed changes on their business and what they are doing to prepare.
The findings and in-depth views of finance leaders from five major insurers make for compelling reading and highlight how, as the standard setters attempt to implement a global reporting framework, the continued uncertainty in the timetable is leaving insurers playing a high-risk “waiting game”.