Sunday, May 28, 2017

IFRS 17 to bring greater comparability, KPMG

The long-awaited accounting standards for insurance contracts, IFRS 17, will bring greater comparability for investors and analysts, according to KPMG.

The new standard—published by the International Accounting Standards Board (IASB) on Thursday—will be a huge step towards the convergence of China GAAP for IFRS, following the previous insurance accounting change in 2009, said Feifei Zhang, partner, actuarial services, KPMG China.

Due to take effect on 1 January 2021, the new insurance accounting standard is expected to increase transparency about profitability and provide potential for greater volatility of insurers’ financial results and equity, among others.

KPMG’s Global Head of Insurance Gary Reader welcomes the new standard and congratulates the IASB on the significant milestone after years of endeavour.

He added that the IFRS 17 provides greater compatibility and greater transparency that benefit analysts and users of financial information.

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