The European Insurance CFO Forum (‘the CFO Forum’) will influence the development of financial reporting, value based reporting, solvency regulation and other related regulatory developments for insurance enterprises on behalf of its members, who represent a significant part of the European insurance industry.
The CFO Forum wishes to ensure that reporting for insurers is developed to meet the needs of all users/stakeholders, reflecting the nature of insurance business, in order to achieve improved transparency of reporting and increased comparability both between insurance enterprises, and between enterprises in the insurance industry and other industries.
In respect of embedded value reporting, the CFO Forum will develop and maintain principles (European Embedded Value and Market Consistent Embedded Value ©) that will promote the relevance, transparency and comparability of this basis of reporting.
In respect of International Financial Reporting Standards, issued by the International Accounting Standards Board (IASB), the CFO Forum wishes to engage in an effective and constructive dialogue with the relevant accounting standard setters, and other bodies as relevant in relation to the development of standards which impact insurance enterprises, to promote convergence and ensure standards are practicable to implement.
The CFO Forum will monitor, co-operate and liaise as appropriate with those other bodies and stakeholders involved in the process of financial reporting and regulatory developments, as necessary, in order to achieve this mission. This includes, but is not limited to, investors, analysts, regulators and relevant European Union bodies.
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