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Preparation for insurers' liabilities accounting standard hampered due to lack of transparency

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Belgium-based Insurance federation Insurance Europe said that a lack of transparency from the U.K.-based International Accounting Standards Board has hampered efforts to prepare for a new insurer liabilities accounting standard, IPE.com reported. The federation said that none of its members had seen a draft of the new International Financial Reporting Standard before its release in May. Insurance Europe added that a limited number of insurers had taken part in field testing of the new standard, and the board had not conducted a cost-benefit analysis. The new standard will take effect from Jan. 1, 2021. 

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