IFRS 4 was issued because the Board saw an urgent need for improved disclosures for insurance contracts, and modest improvements to recognition and measurement practices, in time for the adoption of IFRS by listed companies throughout Europe and elsewhere in 2005. In the second phase, the IASB will address broader conceptual and practical issues related to insurance accounting. The IASB will form an international insurance accounting working party of about 15 members – experts active in the insurance industry and the accounting profession, representatives of the appropriate regulatory and supervisory authorities, and investment analysts. Although the completion of any long-term solution for insurance contracts may take several years, the IASB has said it is willing to revise IFRS 4 in the short term in the light of any immediate solutions arising from the working party's discussions. The Board will announce further details of the insurance working party shortly.