Lloyd's adopts GAAP
Lloyd's will adopt UK Generally Accepted Accounting Principles from 1 January 2005, in a move that b...
Lloyd's will adopt UK Generally Accepted Accounting Principles from 1 January 2005, in a move that brings the market closer to annual accounting. Andrew Moss, director of finance, said: "It makes sense to adopt UK GAAP as a first step, though we intend to move to International Accounting Standards when there is more clarity on the proposed standard on accounting for insurance contracts."
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