Lloyds To Begin Annual Accounting
Lloyds announced a significant step in moving to annual accounting as its statutory reporting regime, saying that the market will adopt U.K. Generally Accepted Accounting Principles as of January 1, 2005.
Although Lloyds will initially adopt U.K. GAAP, it plans to adopt International Accounting Standards when there is more clarity on the proposed standard on accounting for insurance contracts, Lloyds said in a statement.
The move to adopt U.K. GAAP will mean that Lloyds will move from the current three-year accounting system for both syndicates and the Lloyds global accounts to annual accounting for its statutory reporting.
"Moving to annual accounting from three-year accounting, which has been unique to this market, will make it easier for the industry to compare Lloyds performance to our peers," said Andrew Moss, director of finance.
"It is a positive step in line with Lloyds commitment to create greater transparency," he said.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, November 21, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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