Supervisors identify impact of IFRS

It has been over 18 months since International Financial Reporting Standards (IFRS) were officially adopted by European Union member states and taken up by a number of jurisdictions outside the EU. For insurance, the road to IFRS 4 Insurance Contracts was rocky and the full impact of the transition to IFRS will not be felt by insurers until Phase II is completed by the International Accounting Standards Board (IASB) and implemented.