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Deadline reminder – EDs on Insurance Contracts, Stripping Costs, Hyperinflation and Annual Improvements

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23 Nov 2010

We remind you that comments on the Exposure Drafts Insurance Contracts, Stripping Costs in the Production Phase of a Surface Mine, Severe Hyperinflation – Proposed amendment to IFRS 1 and The annual improvements process: Proposals to amend the Due Process Handbook for the IASB are due on 30 November 2010.

The ED on insurance contracts 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.

The ED on stripping costs reflects the IFRS Interpretations Committee's conclusion that costs associated with a 'stripping campaign' should be accounted for as an additional component of an existing asset, and that this component should be written down over the reserves that directly benefit from the campaign.

The ED on hyperinflation proposes guidance on how an entity should resume presenting financial statements in accordance with International Financial Reporting Standards (IFRSs) after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation.

The ED on the annual improvement process suggests amended criteria for determining whether a matter relating to the clarification or correction of IFRSs should be addressed using the annual improvements process

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