Big 4 deems new accounting standard counterintuitive

A new international accounting standard designed to improve consistency in reporting for insurers around the world has in fact provided Australian companies with more flexibility, and potential volatility, according to a big four firm.

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Earlier this week the International Accounting Standards Board issued the new Accounting Standard IFRS 17 Insurance Contracts, which will become effective on 1 January 2021.

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Read the full article on Accountants Daily.

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