Impact Of International Financial Rating Standard Adoption On The Profitability In The Insurance Industry

CHAPTER ONEINTRODUCTION1.1 Background to the StudyInternational Financial Reporting  Standards (IFRS) are  standards  by  the InternationalAccounting Standard Board (IASB) to serve as a guide to companies for preparation offinancial statements that will give true financial and non-financial information (integratedfinancial   reporting)   to   investors   and   other   stakeholders   who   use   them   for   economicdecisions  (Brabec,   2014;  de   Villiers,   Venter,   &   Hsiao,   2016).   IFRS   implementationbecame globally important because of increasing international trade and globalizat…