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Insurance Accounting Newsletter — Issue 2, April 2009

Published on: 06 Apr 2009

This edition is entitled Focus on the estimates of insurance cash flows.

The joint work of the International Accounting Standards Board (IAS) and the Financial Accounting Standards Board (FAS) continued in March with a relatively limited agenda.

The IASB and FASB met respectively on 19 and 26 March 2009 to discuss the draft guidance on the estimate of insurance cash flows that could be included in the future accounting standard.  The estimate of cash flows is Block 1 of the future measurement model; Block 2 will be the selection of the discount rate and Block 3 the measurement of the margin.

The Boards' Staff prepared an analysis of the possible guidance under both the exit or fulfilment notions of owing to the Boards' pending final choice on the measurement model.  The Boards agreed with the level of detail of the proposed guidance and indicated to their Staff that it should receive a prominent position in the Exposure Draft due to be published in December 2009.

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