New York — To avoid the risk of being unprepared to for the expected industry-wide shift in mindset and processes due to the expected onset of International Financial Reporting Standards (IFRS) requirements, insurers need to gear up with a proactive approach.

So says New York-based consultancy Deloitte LLP in its new report, “The IFRS Journey — A Look Beyond the Accounting Changes,” which provides insight about the role of IFRS in the insurance industry through a review of key business strategies and critical issues facing insurers.

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