Global IFRS insurance survey — Winning the waiting game?
This publication provides an international and independent analysis of insurers’ attitudes towards, and preparations for the new IFRS accounting rules.
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 commissioned the Economist Intelligence Unit to survey over 200 insurers operating across the globe to understand their views on the impact of the proposed changes on their business and what they are doing to prepare.
The findings identify an overwhelming alignment in opinion across borders towards adopting a global framework for insurance reporting. Yet the difficulties the IASB and FASB have displayed in meeting their own timetable and their continuing disagreement on how to build the new rules on a global basis have resulted in uncertainty surrounding the time for adoption of the standards being cited as the biggest challenge the industry faces right now. Despite insurers acknowledging that these new rules will require a major effort over many years to implement, the prolonged rule-making stalemate has led most companies to adopt a 'wait and see' approach.