We comment on ED/2010/8
02 Dec, 2010
Deloitte has submitted a comment letter on Exposure Draft ED/2010/8 Insurance Contracts.
The amendment proposes a single IFRS that all insurers, in all jurisdictions, could apply to all contract types on a consistent basis. The proposed IFRS would apply to writers of both insurance and reinsurance contracts.
We welcome the model proposed in the ED because it offers improvements to the accounting for insurance contracts under existing IFRS practices. However, the ED includes a number of proposals that appear to move away from the ED's core principles and we recommend that the Board considers alternative solutions to address these areas to ensure consistency with the ED's core principles. Click to Download our Comment Letter (PDF 125k). All of our past comment letters are here.
