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Accounting alert — July 2013

Published on: 09 Jul 2013

The International Accounting Standards Board (IASB) has re-exposed its proposed approach for the accounting for insurance contracts in ED/2013/7 Insurance Contracts.

The revised ED confirms the key features of the model exposed in 2010 – requiring a single accounting model for all insurance contracts to be applied at a portfolio level using a current fulfilment value approach that requires an explicit current measurement of expected cash flows and a liability for risk and uncertainty (‘building blocks’). This model prohibits the recognition of profit at initial recognition of an insurance contract.

This Accounting alert from Deloitte (New Zealand) analyses the proposals in the exposure draft and is available in online form on the Deloitte (NZ) website.

NZ Accounting Alert (December 2012) Image

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