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Insurance Contracts - IASB

Date recorded:

At its meeting on June 20-22, 2016, the IASB met to consider the following narrow scope issues that have arisen in the drafting process of the forthcoming insurance contracts Standard: (i) level of aggregation for the measurement of the contractual service margin; (ii) changes in the carrying amount of the contractual service margin for insurance contracts without direct participation features; (iii) presentation and disclosure of insurance finance income or expenses; (iv) reinsurance contracts and the scope of the variable fee approach. The staff will reflect the tentative decisions in a revised working draft and use that draft as a basis for seeking input from selected external parties on some aspects of the revised draft. The Board expects to discuss any sweep issues that arise from testing and from the continued drafting process in Q3/2016. At that time, the Board also aims to set a mandatory effective date for the new Standard.

Review the IASB Update on the IASB's Web site.

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