IFRS 4 "INSURANCE CONTRACTS". THE INTRODUCTION OF INDUSTRY STANDARDS OF ACCOUNTING AND REPORTING: THE EXPERIENCE OF EUROPEAN INSURANCE COMPANIES
The year 2015 was a turning point for most non-credit financial organizations (hereinafter NFO), because the Central Bank of the Russian Federation (hereinafter CBR) officially announced for the first time about the transition of all financial market participants to the industry’s standards for financial accounting and reporting. 2016 became a transitional stage in which the first 10 insurance companies selected by the Bank of Russia, before September 30, were to report for the first quarter of 2016 on a new chart of accounts and submit reports developed in accordance with international financial reporting standards. However, there are many more unresolved questions for participants of the insurance market than answers that are clarified by the CBR. This article describes the experience of European countries that have been reporting to interested users since 2005, and this experience needs to be implemented by our insurers for a smooth transition to new regulations issued by the supervisory authority.