Iran: Insurers to adopt IFRS in financial statements
Source: Middle East Insurance Review | Mar 2017
Insurers in Iran will prepare their financial statements to conform with International Financial Reporting Standards (IFRS), with state-owned Iran Insurance Company (IIC) leading the way.
“The company has established the preliminary requirements for adopting IFRS,” the local media reported IIC’s CEO Mohsen Pourkiani as saying. “IIC is also moving toward publishing its new financial reports in accordance with IFRS and has made early preparations.”
All banks, credit institutions and insurers registered with the Stocks and Exchange Organisation, whose financial period starts from the beginning of the current fiscal year (20 March) or later are required to draft their annual financial statements in accordance with IFRS.
The IFRS, set by the independent private-sector London-based International Accounting Standards Board, help provide investors and other users of financial statements with the ability to compare the financial statements of companies on a like-for-like basis with those of their international peers.