Insurance contracts — Comprehensive project
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.
In February 2014, the FASB 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 third quarter of 2015. A final standard is expected 'not before the end of 2015'.
|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|