Insurers dragging their feet over new accounting standard: PwC

Singapore

TIME is running out for insurers here and abroad who have been slow to prepare for the reforms that are on the cards to improve transparency and comparability of profit reporting.

The new accounting standard, International Finance Reporting Standard or IFRS 17, may only take effect from Jan 1, 2021, but PwC Singapore said insurers have little time and much to do to update existing systems and prepare their staff for the inevitable reforms. IFRS 7 is to be issued sometime in May this year by the global accounting rule maker, International Accounting Standards Board (IASB),