‘Whatever final insurance standard the IASB develops will result in a fundamental change in the finance and actuarial functions of many insurance companies' - E&Y
The insurance industry has given its backing for a global insurance standard despite different views on how it should be drafted.
An Ernst & Young report reveals the sector supports the International Accounting Standards Board’s move to create a universal benchmark.
James Dean, practice leader for Ernst & Young's global insurance centre and one of the leaders of the review team, said: ‘Whatever final insurance standard the IASB develops will result in a fundamental change in the finance and actuarial functions of many insurance companies.
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