Articles

Accounting Changes a Chance to Modernize Data, Analytics

In May 2017, the International Accounting Standards Board released International Financial Reporting Standard 17 (IFRS 17), which aims to establish a single set of principles for the recognition, measurement, presentation, and disclosure of insurance contracts.

The standard, which will replace the interim IFRS 4 standard and go into effect Jan. 1, 2021, is intended to create greater transparency and standardization in financial statements and to better align insurance accounting standards with those in other industries. IFRS 17 compliance will necessitate increased agility in analyzing, modeling, and reporting detailed insurance contract information.

Source: deloitte.wsj.com
Author: Larry Manno

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s