IFRS 17 could cost $2.6bn in UK: Prudential CFO

The International Accounting Standards Board (IASB)'s new
IFRS 17 insurance accounting standard will involve
"eye-watering" costs without necessarily bringing
significant benefits, Prudential CFO Nic Nicandrou has said.
Writing in trade association Insurance Europe's annual
report, Nicandrou said the potential implementation costs for UK
firms could reach a "figure in the range of £1bn to
£2bn ($1.3bn to $2.6bn)".
He said the change that the new standard will bring about will
be as f