MANILA, Philippines—Insurance firms in the Philippines will shift to a more transparent accounting system by 2025 — a change that will require operations, financial reports and actuarial calculations to be reassessed, according to the industry regulator.
At an online forum, the Insurance Commission (IC) said it has started the countdown for insurers to transition to a new set of accounting policies that will make their financial reports easier to understand and universally comparable, especially for the investing public.
According to IC Deputy Commissioner Ferdinand George Florendo, insurance companies may start the shift to Philippine Financial Reporting Standard (PFRS) 17—f…
Keep on reading: PH insurers readied for shift to more transparent accounting rules by 2025