IASB releases more working drafts on the insurance contracts project
Jul 04, 2012
The IASB has published on its website further 'working drafts' of sections of the forthcoming standard on insurance contracts. The working drafts have been prepared by the IASB staff to reflect tentative decisions made by the Board, and cover the definition of ‘insurance contracts’, the scope of the proposed standard, the premium-allocation approach and non-insurance components.
The working drafts discuss the topics in each section, summarising the proposals in the original exposure draft relevant to that topic, constituent comments on those proposals, and the IASB's response in light of those comments. The documents then show a 'mark up' of proposed changes from the wording in the exposure draft to reflect the impacts of the feedback analysis.
The documents are substantially the same as the papers posted for the 25-26 June 2012 Insurance Working Group meeting and do not reflect the input the IASB received on those papers. The IASB staff intend to update the documents to reflect all input received in due course.
The additional working drafts join a number of earlier working drafts on other topics in the insurance contracts project. The IASB has also updated a number of complimentary documents providing an overview of the tentative decisions made in the project up to June 2012, including a detailed 'paragraph by paragraph' summary of the exposure draft and the related redeliberations.
The IASB encourages any feedback on the working drafts and information about any unintended consequences from those drafts. The IASB intends to release either a review draft of the proposed insurance contracts standard, or a revised exposure draft, in the second half of 2012.
Access to the working drafts is available on the IASB website.