GAAP reports in detailed, precise formats; IFRS allows flexible, principle-based reporting. GAAP does not permit asset value recovery post-impairment; IFRS allows revaluation. IFRS does not mandate ...

With the January 2011 transition date for International Financial Reporting Standards (IFRS) looming for all publicly accountable enterprises in Canada, 48% of Canadians who hold the Chartered ...

On April 9, 2024, the IASB (International Accounting Standards Board) issued IFRS 18 - Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 - Presentation of Financial ...

OLDWICK, N.J., February 26, 2024--(BUSINESS WIRE)--AM Best is requesting comments from market participants in the insurance industry and other interested parties on the application of Best’s Credit ...

The insurance industry has undergone and continues to undergo a major transformation with the implementation of IFRS 17, the global standard for insurance contracts accounting. This blog breaks down ...

The International Financial Reporting Standards (IFRS) has been accepted globally as the perfect standard for the preparation of financial reports. Each year more countries are implementing IFRS, and ...

IFRS 17 was met with resistance from insurers who said it would be costly to implement in a short time. We’re in the home stretch! Yet, with less than a year left until the implementation date, a ...