Jeroen van Doorsseleaere, VP of risk and finance at Wolters Kluwer, asks whether IFRS 17 will benefit insurers and considers the IASB's inititives for the next 12 months, as announced at the annual IFRS conference
At the end of June the IFRS Foundation held its annual conference in Europe, this year in Amsterdam, outlining the initiatives for the next 12 months.
Hans Hoogervorst, chairman of the International Accounting Standards Board (IASB), used his speech to emphasise the importance of accounting when it comes to financial stability. He said: ‘If we want accounting to perform its function as the proverbial canary in the coal mine, it is important to avoid excessive averaging, even in a business where averaging of risks is an essential part of the business model,’ he said.
‘It is high quality accounting, punctuated by transparency and robust regulatory frameworks that enables investors and the market to see and act upon a truthful representation,’ he added.
