This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IASB decides on targeted reexposure of insurance proposals

  • IASB (International Accounting Standards Board) Image

Sep 28, 2012

The IASB announced that it will reexpose its proposals on accounting for insurance contracts; however, it will do so with targeted questions. Although the deliberations on the project are not complete, the IASB believes that reexposing the proposals will contribute to reducing uncertainty in the market.

In coming to the decision to reexpose, the Board considered a number of factors including the length of time that has already been devoted to the project (the comprehensive project on insurance contracts was added to the IASB's agenda in 2001) and the importance of issuing a final standard soon. Balancing the belief that a reexposure is necessary and the wish not to start discussions almost from scratch again by reexposing the whole exposure draft (and thus to delay the finalization of the standard), the IASB has decided on targeted questions on:

  • Treatment of participating contracts.
  • Presentation of premiums in the statement of comprehensive income.
  • Treatment of the unearned profit in an insurance contract.
  • Presenting, in other comprehensive income, the effect of changes in the discount rate used to measure the insurance contract liability.
  • The approach to transition.

A date for the reexposure has not yet been announced. Click for access to the corresponding press release on the IASB's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.