IASB issues 'Investor Perspectives' on insurance

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26 Feb, 2015

The International Accounting Standards Board (IASB) has released a new edition in its 'Investor Perspectives' series. In this edition, Steve Cooper (member of the IASB) provided an update on the IASB’s insurance contracts project.

Mr Cooper described four key advances made during deliberation concerning issues in practice. These key advances include:

  • Current, updated measure of insurance contract liabilities.
  • Using an asset-based discount rate only where relevant.
  • Recognising profit as services are delivered.
  • Recognising that in many respects insurance is not that different from other industries.

In addition, he stated one of the next steps for the IASB is to resolve issues concerning the pattern of profit recognition for participating contracts.

For more information, see the ‘Investor Perspective’ on the IASB’s website.

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