IASB Chairman speaks on upcoming insurance standard

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08 Sep, 2016

On 8 September 2016, IASB Chairman Hans Hoogervorst gave a speech were he reported on the progress of the use of IFRS around the world, the upcoming insurance contracts standard, and ways the IASB will enhance their communication efforts.

  • Use of IFRS around the world — Mr Hoogervorst gave a brief update on the use of IFRS in each region. Specifically, he noted that an area which had seen a lot of progress is in Asia and the Middle East.
  • Insurance contracts — Mr Hoogervorst stated that the insurance contracts standard is currently being drafted by its staff and are producing an effect analysis. He provided examples which illustrated the lack of comparability between insurance companies around the world and stressed the urgent need for the new standard to be out as soon as it can.
  • Enhance communication — Mr Hoogervorst commented on the need to evaluate how information is presented in financial statements in order improve the organization of data and to increase comparability between them.

Please click to access the full text of Mr Hooger­vorst's speech on the IASB website.

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