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ARTICLE · 31 AUGUST 2005

International Financial Reporting Standards and General Insurance

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The adoption of the International Financial Reporting Standards (IFRSs) is far from over. Substantial amendments are continuing to be made and it will sometime before the process could be completed. The unease is not only affecting all areas of business , especially taxation and prudential supervision.

AustraliaFinance and Banking
Anton Joseph
Anton Joseph

The adoption of the International Financial Reporting Standards (IFRSs) is far from over. Substantial amendments are continuing to be made and it will sometime before the process could be completed. The unease is not only affecting all areas of business , especially taxation and prudential supervision. In Australia, prudential supervision of banks, insurers and superannuation funds is carried out by the Australian Prudential Regulation Authority (APRA), a Federal Government statutory body.

In its discussion paper titled " Adoption of International Financial Reporting Standards: Prudential Approach-Fair Value and other issues" released in February 2005, APRA declared that its approach to prudential supervision in the new accounting environment was to align its prudential and reporting standards with Australian accounting standards and principles to the extent practicable. The paper also stated that the existing framework will be maintained until APRA has considered the prudential

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