IASB issues update on the insurance contracts project

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Mar 16, 2015

On March 16, 2015, the International Accounting Standards Board has published a document that provides an overview of the general model for insurance contracts without participation features. The document also includes the tentative decisions reached during deliberations, as well as the reasoning behind those decisions.

On June 20, 2013, the IASB issued a revised exposure draft that establishes the principles that insurers should apply to report the nature, amount, timing and uncertainty of cash flows from insurance contracts. The IASB has substantially completed all issues related to the accounting for insurance contracts without participation features. It will review the accounting for insurance contracts with participation features to determine whether addition modifications are needed before it completes the project. A new standard is expected after 2015.

For more in­for­ma­tion, see the document on the IASB’s website.

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