accounting standards News

Global Insurance Accounting Rules Under IFRS17 to Be Amended

An international standard setting body has proposed a one-year delay and changes to the first global accounting rule for insurance contracts following industry calls for a cut in compliance costs and more time. The International Accounting Standards Board (IASB) published …

New Global Insurance Accounting Rule Could Be Delayed One Year

A global standards body has proposed a one-year delay to implementing its new accounting rule aimed at increasing visibility in how insurers earn money, after the industry said it needed more time to prepare for such a sweeping change. A …

Global Insurers Face High Compliance Costs with New Accounting Rules

Insurers in over 100 countries face a “once in a lifetime” accounting change from January 2021 with the introduction of a uniform international book-keeping standard, details of which will be published on Thursday. Twenty years in the works, the new …

Beazley Joins EbixExchange Accounting Platform

Ebix Europe, the electronic messaging communications specialists for the global re/insurance market, announced that insurer Beazley is the latest carrier to join its EbixExchange accounting platform. Using ACORD standards, the platform adds transparency and accelerates the accounting and settlement process, …

Report Criticizes Insurance Tech Firm Ebix’s Financials; Firm Refutes Allegations

Ebix Inc., a major provider of software and e-commerce products for the insurance industry, saw its stock price fall more than 25 percent Thursday, Feb. 21, after a research report critical of Ebix’s financial reporting began to circulate online. The …

IASB Rules ‘On the Way’ to Becoming Global Accounting Standard

A top accounting rules setter said on Thursday it was well on the way to becoming the global standard in a veiled hint that the United States should get on board or risk being isolated. In roughly a decade, adoption …