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.

We comment on ED 5 on insurance contracts

  • News default Image

03 Nov 2003

The Deloitte letter of comment on Exposure Draft ED 5, Insurance Contracts, questions the approach of adopting an 'interim standard' that exempts entities within the scope of the draft standard from complying with certain parts of the IASB Framework and defers addressing recognition and measurement principles until a later date.

Instead, we prefer that the IASB address these issues in a comprehensive project to establish proper recognition and measurement principles for insurance contracts. We also disagree with the insertion of a 'sunset clause' in relation to this exemption. In addition, without adequate guidance on how to determine the fair value of insurance contracts, we suggest the Board reconsider the usefulness of the fair value disclosures proposed. Click to the Deloitte letter of comment on ED 5, Insurance Contracts (PDF 163k).

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.