IFRS in Focus — Insurance contracts

Published on: 10 Aug 2010

On 30 July 2010, the International Accounting Standard Board (IASB) published Exposure Draft ED/2010/8 Insurance Contracts (the ED).

This ED represents an important milestone in the Phase II of the IASB’s project to revise fundamentally IFRS 4 Insurance Contracts. A project on insurance contract accounting has been ongoing since 1997 and the ED of IFRS 4 Phase II finally proposes a consistent standard for all insurance and reinsurance contracts, both life and non-life. Since the US Financial Accounting Standards Board (FASB) joined the project in October 2008, the landscape of Phase II has been rapidly evolving into a key convergence project, with the result that the FASB will be publishing the IASB’s ED as a Discussion Paper to seek the views of US constituents on the proposed IFRS model.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.