In a move towards annual accounting as its statutory reporting regime, Lloyd's has decided to adopt UK Generally Accepted Accounting Principles (GAAP) from 1 January 2005.
Lloyd's said it would initially adopt GAAP, but had plans to move to the International Accounting Standards (IAS) where it said there was more clarity on the proposed standard on accounting for insurance contracts.
It said this should minimise the impact on the Lloyd's market in terms of cost and new systems.
The move is in line with the Lloyd's Franchise Board's commitment for Syndicate accounts to be more transparent and comparable with the accounts of their global competitors, said Lloyd's.
