Future will prove just as tough as 2005 switch claims insurance giant
Insurance giant Aviva has said it faces just as much work to adopt future changes to IFRS on insurance contracts as it did during its initial switch.
The company, which released its first interim results under IFRS last month, admitted that, due to the two-phase nature of IFRS4, it only had to change the accounting treatment of 17% of its life insurance business and none of its general insurance business.
‘We believe the second instalment of IFRS for the insurance sector will be as big as the first instalment,’ said Nic Nicandrou, group financial control director at Aviva.
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