New IFRS insurance accounting newsletter
11 Mar 2009
Deloitte (United Kingdom) has launched a new monthly newsletter focusing on the joint IASB and FASB project to develop a new global financial reporting standard for insurance.
The IASB's project was begun by its predecessor, the IASC, and continued by the IASB. The IASB's first output was IFRS 4 Insurance Contracts – an interim standard, issued in 2004, aimed mainly at first-time adopters of IFRSs, with guidance on how existing IFRSs should be applied to insurance contracts. Since then, the IASB has been working on a new, comprehensive standard, with a discussion paper published in May 2007. In October 2008, the FASB decided to join in the IASB's insurance contracts project, with the goal of a single global insurance accounting standard. The goal is to publish an exposure draft for comment in the second half of 2009 and a final standard in 2011. The new Deloitte monthly newsletter will provide an update on progress being made by the IASB and FASB in their joint project. Click to download Issue #1 of the Insurance Accounting Newsletter (PDF 244k).
