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September 2015 IASB Update - Insurance Contracts

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Sep 30, 2015

On September 30, 2015, the International Accounting Standards Board issued the Update summary of its meeting on September 21-24, 2015.

At its meeting on September 23 and 24, 2015, the IASB continued deliberations on contracts with participation features. The IASB tentatively decided that:

  • for all insurance contracts, an entity should present changes in estimates of the amount of cash flows that result from changes in market variables in the same location in the statement of comprehensive income consistently with the changes in discount rates;
  • the objective of disaggregating changes in market variables between profit or loss and OCI should be modified for contracts in which there is no economic mismatch between the insurance contract and the related items (for example, the assets and the liabilities) held by the entity; and
  • it should extend to contracts with participating features its previous decisions for contracts without participation features.

The IASB will continue to consider the remaining technical decisions on insurance contracts at future meetings, with a view to issuing the new Standard in 2016.

Review the IASB Update.

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