IFRS threat overstated for insurers says S&P

The ratings agency says since IFRS 4 is the result of compromises, the standard has been watered down “substantially” and leaves insurers with “room for manoeuvre”. As a result, it is unlikely there will be any significant credit rating changes, S&P adds. A major change is expected in published financial statements from UK insurers, however. ”Of greater concern to most companies has not been the restated primary financial statements, that is, profit and loss account and balance sheet, but rather the increased level of footnote disclosure,” S&P says. ”It remains to be seen whether...