IASB podcast on progress in the insurance project
10 Feb 2015
The IASB has published a podcast that summarises the IASB's tentative decisions on transition reliefs in the IFRS on insurance contracts that is currently being developed. The earliest possible mandatory effective date of this new standard will be after 1 January 2018, the mandatory effective date of IFRS 9 'Financial Instruments'.
The tentative IASB decisions discussed in the podcast are:
- to confirm the transition relief proposals in the 2013 ED;
- to consider providing further transition relief to permit or require an entity to reassess the business model for financial assets at the date of initial application of the new standard; and
- not to consider deferring the mandatory effective date of IFRS 9 for entities that issue insurance contracts.
Please click here to listen to the podcast (link to IASB website). In addition, Deloitte has followed the redeliberations of the IASB and all tentative decisions to date; see our insurance contracts project page for details.
