Companies continue to anticipate the planned introduction of the FASB’s/IASB’s Measurement of Insurance Contracts standards and Solvency II's Pillar 3 requirements. Several reporting methods are under consideration. While differences exist between the FASB and IASB on various aspects, their current approaches or a consensual approach could profoundly alter future reporting requirements. As companies embrace these new approaches, many challenges lie ahead.
Efficiently integrating new requirements into a reporting environment requires a flexible enterprise reporting strategy, which most organizations do not have. An effective enterprise reporting strategy places you in the best position to accommodate reporting changes as they occur without having to reconfigure, customize or re-implement systems.
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