FASB has released the 2015 US GAAP Financial Reporting Taxonomy (Pending SEC Acceptance). Major changes were confined to those related to Accounting Standard Updates, and input from the Insurance Industry Resource Group to remove redundancies. The increase in deprecated elements in comparison to the 2014 Taxonomy is the result of a review to reduce unused and redundant […]
The Bank of England’s Prudential Regulatory Authority recently held a seminar of insurance industry members on Solvency II, providing information on what firms need to do to prepare for transposition on 31 March 2015 and implementation on 1 January 2016. Topics included a full policy and implementation overview, modelling, technical information and more. Download the presentations.
For the purpose of development of taxonomy, insurance specific elements were identified and compiled as per the requirements of Insurance Act, circulars and regulations issued by the IRDA and various other statutory requirements and certain common practice elements based on annual reports of Insurance companies. Since the schedules for presentation of financial statements, laid down […]
Financial services providers in France must also now become familiar with new players on the scene at a supervisory level, namely the pan-European supervisory authorities for banks, insurance and the securities markets. Although day-to-day supervision of financial services provider remains at a national level, these pan-European authorities, with a view to working towards a common […]
ACORD and XBRL International, in collaboration with BR-AG (Business Reporting Advisory Group), today released a discussion paper examining touch points between the XBRL Solvency II taxonomy and ACORD’s Global Reinsurance and Large Commercial (GRLC) standards. The paper’s release was announced jointly by BR-AG’s CEO Michal Piechocki and ACORD’s Chief Industry and Government Affairs Officer, Ann […]