Insurance contracts — Comprehensive project


This project began as a joint IASB-FASB project to undertake a comprehensive review of accounting for insurance contracts. The Board's objective was to develop a common, high-quality standard that will address recognition, measurement, presentation and disclosure requirements for insurance contracts.

In February 2014, the FASB tentatively decided to abandon its convergence efforts with the IASB on insurance contracts, and instead focus its future efforts on making targeted improvements to the existing U.S. GAAP insurance accounting model.


Current status of the project

The IASB issued IFRS 17 Insurance Contracts on 18 May 2017.


Project milestones

Date Development Comments
September 2001 Added to the IASB's agenda
September 2004 Insurance Working Group appointed Fresh start on the project
3 May 2007 Discussion Paper Preliminary Views on Insurance Contracts published Comment deadline 16 November 2007
30 July 2010 Exposure Draft ED/2010/8 Insurance Contracts published Comment deadline 30 November 2010
Fourth quarter 2010 Roundtables
20 June 2013 ED/2013/7 Insurance Contracts published Comment deadline 25 October 2013
18 May 2017 IFRS 17 Insurance Contracts issued Effective for annual periods beginning on or after 1 January 2021


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