List an advantage and disadvantage of the US insurers moving from SAP/GAAP accounting to IFRS accounting.

Insurance

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List an advantage and disadvantage of the US insurers moving from SAP/GAAP accounting to IFRS accounting.

Answer: 

Advantage: it is a more transparent accounting framework, and also one which is used in many countries. Multinational insurers would benefit greatly as they will not need to use a US specific framework for their US operations.

Disadvantage: it would cost a significant amount to switch accounting methods.

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