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),
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Prudential shutters Hong Kong wealth unit Pulse
JPMorgan, Nomura limit Segantii exposure on Hong Kong case
UOB awards Wong Kan Seng over S$400,000 in shares
Singapore eyes giving law enforcement agencies more power to probe money laundering offences
Seventh money laundering accused to plead guilty on May 23
DBS hires chief of Ping An’s tech group to be its new chief information officer