Exposure draft and comment letters
On 30 July 2010 the International Accounting Standards Board (IASB) published for public comment an exposure draft of improvements to the accounting for insurance contracts. The exposure draft proposes a single International Financial Reporting Standard (IFRS) that all insurers, in all jurisdictions, could apply to all contract types on a consistent basis.
When the IASB was established in 2001 there were no international financial reporting requirements for insurance contracts. In 2004 the IASB introduced IFRS 4 Insurance Contracts as an interim standard that permitted many existing international accounting practices to be retained, whilst beginning a more comprehensive review of insurance accounting as a second phase of the project. The proposals published today are the result of that review.
Comment letter deadline
The exposure draft is open for comment until 30 November 2010.
Click here to read or submit a comment letter.
The following table lists the editorial corrections that were made to the text of the draft standard and Basis for Conclusions:
| Document |
Position in text |
Deleted |
Substituted / inserted |
| Proposed standard |
paragraph B1(b) |
‘(paragraphs B35—B110)’ |
‘(paragraphs B34—B110)’ |
Basis for Conclusions
page 11 |
paragraph BC17 |
‘an accounting’ |
‘an accounting model’ |
Basis for Conclusions
page 13 |
footnote † |
‘CU2,012,500’ |
‘CU2,025,000’ |
Basis for Conclusions
page 40 |
heading above paragraph BC108 |
‘(paragraphs 35 and 37)’ |
‘(paragraphs 35–37)’ |
For clarity, some minor formatting changes were also made to these documents. For example, in the Basis for Conclusions, line breaks were inserted in the table of contents where the text was too close to the paragraph references.