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.
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