IASB moving towards an international accounting standard
With the consultations complete on the International Financial Reporting Standards (IFRS) insurance contracts exposure draft, the International Accounting Standards Board (IASB) has brought the publication of an IFRS closer to realisation. But critical decisions remain to be addressed.
‘Regulators will be increasingly involved in monitoring the decisions of the board of directors and how well these align with the risk appetite and risk culture of the company; some may not be prepared for the intense scrutiny this will involve.’
While the IASB consultation on the Insurance Contract exposure draft may be over, the sector still faces several unanswered questions…
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