IASB Issues Exposure Draft on Insurance

Published on: 30 Jul 2010

Today, the IASB issued its Exposure Draft, Insurance Contracts. The IASB believes its proposal will:

  • Provide a comprehensive framework for accounting for all types of insurance and reinsurance contracts that will improve financial reporting.
  • Improve comparability by eliminating inconsistencies that exist in current practice.

If adopted, the proposal would replace IFRS 4, Insurance Contracts, which is an interim standard. IFRS 4 permits insurers to follow a variety of existing practices that evolved over many years.

Comments on the proposal are due by November 30, 2010.

The IASB has also issued a Snapshot document that summarizes the project and a podcast that introduces the exposure draft. These materials can be accessed on the IASB’s Web site.

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