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EFRAG issues feedback statement on IASB's revised Exposure Draft ED/2013/07 Insurance Contracts

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

08 Jan 2014

The European Financial Reporting Advisory Group (EFRAG) has published a feedback statement summarising the main comments received from constituents invited to respond to their draft comment letter in relation to the International Accounting Standards Board’s (IASB’s) revised Exposure Draft ED/2013/07 ‘Insurance Contracts’.

The revised ED retains key features of the insurance contracts accounting model that was exposed by the IASB in 2010.  However, to address constituent’s concerns, a large number of modifications were made to the 2010 ED which the IASB sought feedback on in June 2013.   

EFRAG published their draft comment letter in August 2013 and the final comment letter was published in November 2013.  

The feedback statement (link to EFRAG website) provides an analysis of the EFRAG tentative position expressed in the draft comment letter, describes the comments received from constituents and then highlight how these comments were considered by the EFRAG Technical Group (EFRAG TEG) in reaching their final position on the IASB ED set out in their final comment letter to the International Accounting Standards Board (IASB).  The feedback statement also provides an overview of the results of the field test, on the ED conducted by EFRAG together with the National Standard Setters of France, Germany, UK and Italy.

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