Global reinsurance giant Swiss Re has revealed that it will adopt International Financial Reporting Standards (IFRS) for its consolidated financial statements from January 1st, 2024.
Currently, explains Swiss Re Group, the consolidated financial statements of Swiss Re Ltd, Swiss Reinsurance Company Ltd and Swiss Re Corporate Solutions Ltd are prepared in accordance with US Generally Accepted Accounting Principles (US GAAP).
The Board of Directors of Swiss Re Ltd, Swiss Reinsurance Company Ltd and Swiss Re Corporate Solutions Ltd have decided that as of January 1st, 2024 their consolidated financial statements will be prepared in accordance with IFRS, while financial statements for periods ending on or prior to December 31st, 2023 will be prepared in accordance with US GAAP standards.
In 2017, Swiss Re announced a partnership with enterprise application software company, SAP SE, to create a solution that tackles complex issues related to financial steering and reporting of insurers and reinsurers from regulators.
The first phase of its accounting solution project with the Germany-based multinational software corporation completed in August of last year, and it’s understood that IFRS compliance was part of the SAP project, which suggests that the partnership helped deliver the adoption of IFRS from 2024.
Furthermore, in July of this year, Swiss Re and SAP announced the expansion of their joint accounting solution project to include simulation, forecasting and planning capabilities.
