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IASB issues reporting back documents on insurance contracts (ED)

  • IASB (International Accounting Standards Board) (blue) Image

22 Apr 2013

The International Accounting Standards Board (IASB) has issued two ‘reporting back’ documents relating to its exposure draft on insurance contracts. The documents are working drafts prepared by the IASB staff which contains modifications from tentative decisions reached by the IASB during its meetings on insurance contracts.

Issued July 2010, the exposure draft on insurance contracts provides guidance on a comprehensive framework, removes issues with existing practices (IFRS 4), and provides comparability across various markets.

The ‘reporting back’ documents cover the following proposals:

  • Contracts with cash flows that vary with the returns on underlying items (including ‘participating’, ‘universal life’, ‘with profits’ and ‘unit-linked’ contracts)
  • Accounting for reinsurance contracts

The ‘reporting back’ documents, along with other resources related to the exposure draft, are available on the IASB website.

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