European field-test of the proposed accounting guidance for insurance contracts

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

24 Jun, 2013

The European Financial Reporting Advisory Group (EFRAG) and the national standard-setters of France (ANC), Germany (ASCG), Italy (OIC) and the United Kingdom (FRC) are performing a field-test in order to evaluate how the proposals contained in the IASB's Exposure Draft ED/2013/7 'Insurance Contracts' would affect European companies applying IFRS.

The ED, published on 20 June 2013, proposes a comprehensive accounting model for insurance contracts.  It establishes principles to report the nature, amount, timing and uncertainty of cash flows from insurance contracts.

The field-test initiated by EFRAG and the major national standard-setters in Europe is meant to assist in the understanding of the implementation, impact, and costs and benefits of applying the proposed guidance. The field-test will also assess the understandability and usefulness of the information, including the proposed disclosures that will result from applying the requirements.

The field-test is accompanied with a questionnaire. It will start on 10 July 2013 and completed questionnaires should be returned by 11 October 2013. Entities wishing to participate in the field-test are asked to contact their national standard-setters (where applicable) or EFRAG. Copies of the questionnaire will be sent to them.

Further information is available through the press release on the EFRAG website.

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