BIS calls IFRS 17 a "welcome development"

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03 Aug, 2020

The Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) has published a paper 'Accounting standards and insurer solvency assessment' dealing with IFRS 17 'Insurance Contracts'.

Most of the 20 jurisdictions surveyed for the paper expressed the belief that IFRS 17 will contribute to financial stability through greater transparency as the current international accounting standards for insurance contracts permit a variety of approaches, which complicate comparison between insurers’ financial results. The paper states:

Overall, IFRS 17 is a welcome development. It is aimed at improving global comparability with respect to the structure of liability valuation and transparency in insurer balance sheets, thus benefiting policyholders, investors and, ultimately, financial stability.

Please click to access the paper on the BIS website.

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