top of page

Insurance firms gear up for new accounting standard

MANILA – The Insurance Commission (IC) has started the countdown for insurance companies in the country to transition to a new set of accounting policies that will make their financial reports more transparent especially for the investing public and universally comparable.

In a webinar on the new accounting system conducted last week, IC Deputy Commissioner Ferdinand George Florendo said insurance companies may start the shift to Philippine Financial Reporting Standard (PFRS) 17 --from the current PFRS 4-- starting January 2023 in time for the industry-wide application in 2025.

Florendo said the firms are given enough time to complete the transition as these need to change their data administration, financial presentations, and actuarial calculations.


bottom of page