General insurers : prudential supervision and international accounting standards

This article discusses the position of the prudential supervisory authorities with regard to the introduction of the new International Financial Reporting Standards (IFRS) with respect to solvency considerations of general insurance companies. The relevant EU directives are taken into account. The position taken by the UK Financial Services Authority is considered. Further, as concerns Australia, the views of the Australian Prudential Regulation Authority on IFRS is discussed.