International Accounting Standards

More documents

Recommendations

Info

26 IFRS 4 ‐ Phase II: Current Challenges IAS 37, Liabilities • Need to align the insurance contract project with the IAS 37 amendment project • Insurance liabilities should be measured based on the amount that the insurer shall rationally pay to relieve the liability. The margin should be calibrated such that there is no one day loss or gain. 26
27 IFRS ‐ Impact of Changes • Rating Agencies – Currently most rating agencies support the change to IFRS • Regulators • NAIC – would need to adjust IRIS and RBC measurement tools to ensure measures are fair to IFRS and US GAAP reporting entities. • NAIC – will Statutory standards be adjusted to mirror IFRS • SEC – Prefer change ‐ Need for consistent reporting across industries and geography • IRS – If NAIC adopts changes to NAIC annual statement will IRS Forms follow suite or will we need to reconcile back to IRS format • Reduces the comparability of financial statements among companies: • Measurement could be overly subjective. • Reduces transparency. • Introduces undue volatility into the financial statements 27
Page 1 and 2: International Accounting Standards
Page 3 and 4: 3 IFRS Who IASB, FASB and SEC What
Page 5 and 6: 5 IFRS ‐ Key Players • IASB Int
Page 7 and 8: 7 IFRS On August 27, 2008, the SEC
Page 9 and 10: 9 Current IFRS Current Relevant Gui
Page 11 and 12: 11 IFRS -Open Items Open Items Spec
Page 13 and 14: 13 IFRS IFRS 1 -First Time Adoption
Page 15 and 16: 15 IFRS Significant differences bet
Page 17 and 18: 17 IFRS 4 ‐Phase I • Interim St
Page 19 and 20: 19 IFRS 4 -Phase II May 2007: IASB
Page 21 and 22: 21 IFRS 4 -Phase II Recent discussi
Page 23 and 24: 23 IFRS 4 ‐ Phase II: Recent Disc
Page 25: 25 IFRS 4 ‐ Phase II: Current Cha
Page 29 and 30: 29 IFRS ‐ Impact of Changes • A
Page 31 and 32: 31 Solvency II Solvency II (cont) F
Page 33: 33 IFRS ‐ Challenges New challeng

International Accounting Standards

Create successful ePaper yourself

Delete template?

Save as template?