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Insurance contracts — Comprehensive project

Background

This project began as a joint IASB-FASB project to undertake a comprehensive review of accounting for insurance contracts. The Board's objective was to develop a common, high-quality standard that will address recognition, measurement, presentation and disclosure requirements for insurance contracts.

In February 2014, the FASB tentatively decided to tentatively decided to abandon its convergence efforts with the IASB on insurance contracts, and instead focus its future efforts on making targeted improvements to the existing U.S. GAAP insurance accounting model.

 

Current status of the project

The IASB issued ED/2010/8 Insurance Contracts in December 2010. A targeted revised exposure draft ED/2013/7 Insurance Contracts was published on 20 June 2013, with a comment deadline of 25 October 2013.  Redeliberations are expected to continue in the fourth quarter of 2014.

 

Project milestones

DateDevelopmentComments
September 2001 Added to the IASB's agenda
September 2004 Insurance Working Group appointed Fresh start on the project
3 May 2007 Discussion Paper Preliminary Views on Insurance Contracts published Comment deadline 16 November 2007
30 July 2010 Exposure Draft ED/2010/8 Insurance Contracts published Comment deadline 30 November 2010
Fourth quarter 2010 Roundtables
20 June 2013 ED/2013/7 Insurance Contracts published Comment deadline 25 October 2013