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Regulation - European Standards - IFRS to challenge insurers.
(From Reinsurance)
The implementation of International Financial Reporting Standards (IFRS) will bring both opportunities and challenges for European insurance companies, according to a new report from rating agency Moody's.
The report - Transition and bridging: The European insurance sector moves towards IFRS - says that IFRS, by standardising financial reporting across the European Union, will enhance transparency and promote heightened efficiency in capital allocation, but that the transition process will bring its own problems.
According to Moody's, as the new IFRS for insurance contracts are still being written, insurers will be forced to adopt the new standards according to a staggered, multi-phase timetable that starts in 2004 and ends in 2007.
Phase one of the timetable runs from 2004 to 2007. During this time International Accounting Standards Board exposure draft 5 (ED5) for insurance companies will be in effect to provide guidance to insurers for the transition process.
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