Insurance Steering Committee approves a draft DSOP
21 Jun 2001
At its meeting 12-15 June, IASB's Insurance Steering Committee (ISC) reached agreement on a final Draft Statement of Principles that it will submit to IASB by the end of October.
Prior to this meeting, ISC's tentative conclusions on accounting for insurance contracts were all in the assumed context of a future standard that would require full fair value for financial instruments.
Because ISC believes that the Financial Instruments Project is viewed by the IASB as a long-term project, ISC has decided to propose to IASB a "non-fair value" version of the asset/liability model for accounting for insurance contracts. Click here for More Detailed Information. Click to download Deloitte Touche Tohmatsu's International Insurance News, June 2001 (PDF 39k).