International Accounting Standards Board (IASB) News

Global Accounting Body Wants More Rigor in Showing Climate Impacts

A global accounting body on Wednesday proposed guidance on how companies can do more to show the impact of climate change on their financial performance, saying standalone disclosures do not give investors the clarity they need. Norms written by the …

Global Accounting Rule Ends Leeway Over Operating Profit

Companies will have to publish standardized operating profit figures from 2027 under new requirements from a global accounting rulesetter to help end what international investor Warren Buffett has called “misleading” numbers. The International Accounting Standards Board (IASB) writes book-keeping rules …

Global Insurers Face Hefty Costs of $15B-$20B to Implement IFRS 17: WTW

The total cost faced by the global insurance industry to implement IFRS 17 is estimated to be in the range of US$15 billion-$20 billion, according to a new global survey by Willis Towers Watson. While the estimated costs will vary …

UN Envoy Carney Backs Investors’ Call for Increased Climate Risk Disclosure

United Nations climate envoy Mark Carney on Thursday threw his weight behind a growing push by investors for companies to more accurately reflect climate-related risks in their financial accounts. Such risks can range from physical dangers such as water levels …

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 …