Insurance Contracts
Date recorded:
The Board discussed measurement issues from Chapter 3 of the Draft Statement of Principles (DSOP) on Insurance Contracts that the IASC Steering Committee has developed. The Board also considered two alternative approaches to performance reporting:
- The traditional insurance reporting model, which separates underwriting and investing and financing activities, and
- The reporting model proposed in the DSOP, which would report three components of performance: profit or loss from new business, ongoing profit or loss from prior years' business, and profit or loss from investing and financing activities.