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Global Regulators Applaud Insurance Accounting Standard

Law360, London (July 17, 2017, 4:25 PM BST) -- The Financial Stability Board endorsed a controversial new global accounting standard for the insurance sector on Monday and urged firms not to underestimate how long it will take to overhaul their systems in order to meet the requirements.

The FSB, which makes recommendations at the global level for national financial regulators, said in a statement on its website that it welcomes the final publication of the International Financial Reporting Standard 17, or IFRS 17. The measure — the first international reporting standard for insurance contracts —...
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