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IFRS in Focus — Insurance contracts

Published on: Aug 10, 2010

On July 30, 2010, the IASB published ED/2010/8 Insurance Contracts. This exposure draft (ED) represents an important milestone in the Phase II of the IASB’s project to fundamentally revise IFRS 4 Insurance Contracts.

A project on insurance contract accounting has been ongoing since 1997 and the ED of IFRS 4 Phase II finally proposes a consistent standard for all insurance and reinsurance contracts, both life and non-life. Since the FASB joined the project in October 2008, the landscape of Phase II has been rapidly evolving into a key convergence project, with the result that the FASB will be publishing the IASB’s ED in the coming weeks as a discussion paper to seek the views of U.S. constituents on the proposed IFRS model.


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