Accounting standards “too important to leave to accountants”
AXA boss Henri de Castries has said Europe should not have handed over control of accounting rules to the London-based International Accounting Standards Board (IASB), the FT reports.
He said the IASB was "accountable to no one", and that setting accounting standards was "an instrument of political sovereignty" and "far too important to leave to accountants".
AXA is unhappy that the IASB says assets must be recorded at current “fair” value. When the markets fell the “fair” value of company’s assets fell forcing them to bolster their reserves.
De Castries' comments also reflect a dissatisfaction among some Europeans with the IASB's international, not European, focus, the FT said.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
