The future of the international financial reporting standards (IFRS) has suffered a blow following pressure from the European Central Bank (ECB).
IFRS is designed to harmonise global accounting rules. The rules will apply to insurance companies from January 2005.
The committee advising the European Commission on IFRS gave in to demands by the ECB to modify IAS39. This section of the European standard relates to the fair value measurement of financial assets and liabilities.
Ken Wild, global leader of Deloitte's international accounting standards practice, said: "It is detrimental to the future of IFRS. It reduces the unity of the standards with the rest of the world."
Wild said that more modifications could now follow.
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.
