Deloitte press release on IASB Insurance Contracts proposals

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30 Jul 2010

Further to our earlier story, Deloitte has issued a press release commenting on the issue of ED/2010/8 Insurance Contracts. The ED proposes fundamental changes to the financial reporting of insurance companies applying IFRS, with a goal of making it more consistent and transparent than it has been so far.

Excerpts from the press release:

"Given the increased adoption of IFRS worldwide, it is no exaggeration to suggest that this proposed accounting standard would have a global impact and could fundamentally change the way insurance companies measure, report, and evaluate performance of their insurance contracts," said Joel Osnoss, Global IFRS Leader, Clients & Markets, Deloitte Touche Tohmatsu.

Francesco Nagari, Global IFRS Insurance Leader at Deloitte United Kingdom, commented: "The publication of the Exposure Draft is a landmark stage in the IASB's 13-year project to develop a consistent standard for insurance accounting and will have a significant impact on insurers across the world. Under the proposed IFRS, all insurance contracts, both life and non-life, will be measured using the same building blocks based on discounted probability-weighted best estimate cash flows."

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