Insurance analysts believe European changes to accounting rules represent only a...
Insurance analysts believe European changes to accounting rules represent only a “marginal improvement,” according to research by PricewaterhouseCoopers.
PricewaterhouseCoopers polled more than 50 analysts covering the European insurance sector in January 2005 for the findings published today.
Analysts agreed that IFRS 4, which was introduced as an interim standard while the International Accounting Standards Board (IASB) found a more long-term solution, actually undermines comparability between insurance company accounts.
Alex Finn, partner, Global Capital Markets Group at PricewaterhouseCoopers said: "While many people expect IFRS to harmonise accounting throughout Europe and other parts of the world adopting it, the reality is that IFRS 4 permits insurers in large part to continue using the variety of insurance accounting bases that they have in the past."
He added: "There remains a risk that the differences in presentation will, at least in the short run, reduce comparability of insurer's financial statements and thus fail to deliver the anticipated benefits."
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