International


The International Accounting Standards Board (IASB) published for public comment an exposure draft of improvements to the accounting for insurance contracts.

 

The ED proposes a single IFRS that all insurers, in all jurisdictions, could apply consistently to all contract types.

 

When the IASB was established in 2001, there were no international financial reporting requirements for insurance contracts. In 2004 the IASB introduced IFRS 4, Insurance Contracts, as an interim standard that permitted many existing international accounting practices to be retained, while beginning a more comprehensive review of insurance accounting as a second phase of the project. The current ED is the result of that review.

 

Comments are due Nov. 30. The ED can be accessed by clicking on “Comment on a Proposal” under the “Get Involved” tab at www.ifrs.org.

 

More from the JofA:

 

 Find us on Facebook      Follow us on Twitter

 

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.