November 2007
Financial reporting within the insurance industry has reached a critical crossroads. The harmonisation debate continues, stirred up by discussion papers from IASB and FASB, the draft directive on Solvency II and the SEC seeking industry thought about US firms reporting under IFRS. PwC has interviewed dedicated insurance analysts from the US, Europe, Asia and Australia to gain their perspectives on the current state and future direction of financial reporting.
The survey provides valuable insights into analysts’ current thinking eg. insurance analysts are clearly calling for greater consistency and comparability of accounting presentations. Ultimately analysts want transparency and comparability and, although this is a challenge for companies and standard setters, there is scope for debate and consensus on the best way forward. With our survey findings, companies and standard setters could improve their understanding of the needs of these important users of accounts to inform their current and future work on insurance financial reporting.
We hope that this and future publications will provide insights that can help enhance understanding and assist insurers in preparing for the changes ahead.
