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June 2015 IASB Update - Insurance contracts

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Jul 02, 2015

On July 2, 2015, the International Accounting Standards Board issued the Update summary of its meeting on June 22-25, 2015.

The IASB held an education session on June 23, 2015 to consider a) the hedging of risks related to insurance activities, b) three issues relating to insurers’ application of IFRS 9 Financial Instruments prior to the effective date of the new IFRS on insurance contracts, and c) the complexities that would arise if the IASB were to defer the effective date of IFRS 9 for the insurance industry until the effective date of the forthcoming insurance contracts Standard.. At its meeting held on June 25, 2015, the IASB continued its discussions on the accounting for insurance contracts with participation features. Specifically, the IASB took decisions on a) the variable fee approach for direct participation contracts; and b) the recognition of the contractual service margin (CSM) in profit or loss for contracts with participation features.

Review the IASB Update.

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