Called to account: A survey of insurers' 2007 IFRS annual reports

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November 2008

PricewaterhouseCoopers has analysed a cross section of 2007 annual reports to explore how insurers are applying the latest developments in International Financial Reporting Standards (IFRS). With growing analyst, investor and regulatory demands for greater transparency, we explore what further work may be required, and look at the question of fair value measurement and related hierarchy disclosure.

What is clear from this survey is the need for a strategic approach to financial reporting capable of conveying what is actually going on in the business in an open, coherent and intelligible way. At a time of considerable market instability and uncertainty, the latest developments in insurance disclosure provide a valuable opportunity to strengthen stakeholder confidence and compete more effectively for investment.