OLDWICK, N.J.--(BUSINESS WIRE)--In this episode of AMBestTV, Anthony Silverman, associate director, AM Best Rating Services, discusses proposed amendments to the International Financial Reporting Standard 17 (IFRS 17), which will impact the accounting of large insurers outside of the United States and Japan. Click on http://www.ambest.com/v.asp?v=ifrs17520 to view the entire program.
The International Accounting Standards Board (IASB) proposed amendments to IFRS 17 following a comment period, including a change to the effective date. The IASB recently approved an effective date of Jan. 1, 2023. “The decision was all about the substantial changes required to implement IFRS 17, the timetables for that and the attractiveness of having the standard adopted and implemented at the same time as widely as possible,” said Silverman.
Silverman said AM Best does not expect IFRS 17 to have a significant impact on its credit ratings.
“AM Best expects the annual cohort data to be of considerable interest in the life sector to all external financial stakeholders. It may even help life insurers justify writing participating business, which is something they have struggled to justify to external stakeholders. It will be a different route for the industry as a whole, but AM Best does not expect changes to its ratings in the near term.”
To access the related commentary, titled, “IFRS 17: IASB Decisions Impact Insurers and Users of Accounting Data,” please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=296643.
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