Virtual Roundtable: Insurers Brace for New Financial Reporting Standards

The new International Financial Reporting Standards (IFRS) promise to deliver a single set of high-quality reporting standards to ensure consistent and understandable corporate financial statement worldwide. While the IFRS promote transparency in the public's best interest and may streamline accounting practices for companies, complying with the new requirements will significantly affect insurers' financial consolidation and reporting systems. What will be required from an IT standpoint for insurers to comply with the IFRS? What are the potential benefits and risks to carriers? And will insurers be able to leverage these IT investments for additional operational, performance or compliance-related benefits?