U.K. standards setter publishes interim guidance for insurance standards

04/1/2014 | CGMA Magazine

The U.K. Financial Reporting Council has published interim guidance in U.K. and Irish GAAP for entities with insurance contracts while the International Accounting Standards Board completes work on a converged standard. FRS 103, Insurance Contracts, was developed from existing International Financial Reporting Standards and consolidates U.K. and Irish financial reporting requirements and guidance for insurance contracts. Roger Marshall, an FRC board member and chair of the board’s Accounting Council, said that “We recognize that there are forthcoming changes to the regulatory framework for insurers, as well as ongoing work internationally on financial reporting for insurance contracts, and as a result we are allowing entities, generally, to continue with their existing accounting policies for the time being.”

View Full Article in:

CGMA Magazine