CECL impact on insurance companies
ASC 326, the current expected credit loss (CECL) standard, has substantially changed how entities, including insurers, estimate credit losses on financial assets measured at amortized costs.
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Financial reporting of European banks: towards the end of the ‘golden age’ of post-model adjustments (‘PMAs’) / overlays to banks' expected credit losses (‘ECL’)?
When the Covid-19 pandemic broke out in 2020, the banks had to make post-model adjustments[1] (or management overlays) to incorporate the impact of this unprecedented situation into the expected credit losses recognised by the banks. While the end of the...
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How insurance can mitigate risks of cyber attacks
Everyone can be a target of cyber attacks, from large corporations and government institutions to small businesses and individuals. With the threat increasing, insurers have developed products for businesses to...
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US insurers' journey implementing IFRS 17
The International Financial Reporting Standard 17 (IFRS 17) for Insurance Contracts represents a significant shift in the accounting landscape for insurance companies. Developed by the International Accounting Standards Board (IASB)...
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