Insurance Contracts
Project milestones
About the project
The Insurance Contracts project aims at providing a single source of principle-based guidance to account for all types of insurance contracts.
Current IFRS 4 is an interim standard that allows insurers to continue using various existing accounting practices that have developed in a piecemeal fashion over many years.
In July 2010 the Board issued the exposure draft (ED) Insurance Contracts with a four-month comment period, ending on 30 November 2010. The proposals in the ED would eliminate inconsistencies and weaknesses in existing practices, by replacing IFRS 4 Insurance Contracts.
This project is not part of the Memorandum of Understanding with the FASB (MoU). However the Board intends to debate many of the issues jointly with the FASB.
Please click here to see a presentation on project objectives.
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Project news
2 May 2012
The staff have updated a document which summarises the progress on the project. Click here to see high level summary of the current status on Insurance contracts. The staff have also updated the document which presents a high level summary of IASB and FASB’s tentative decisions, showing where those decisions would affect the proposals in the ED (click here to see the presentation).
The staff have updated a summary of how and where the proposals in the exposure draft Insurance Contracts (ED) would change as a result of the IASB and FASB's tentative decisions. Click here to see how tentative decisions of the IASB are reflected in the ED.
30 April 2012 A podcast has been recorded by Andrea Pryde, Technical Principal, and Patrick Finnegan, IASB member, reporting on developments on the insurance contracts project during the IASB and FASB meeting in April 2012. Click here to listen to the podcast.
4 April 2012 The staff have updated a summary of how and where the proposals in the exposure draft Insurance Contracts (ED) would change as a result of the IASB and FASB's tentative decisions. Click here to see how tentative decisions of the IASB are reflected in the ED.
Click here to see all previous project news on this project. |
Last IASB meeting update
18 April 2012
The IASB and FASB continued their discussions on insurance contracts by considering reinsurance and issues related to policy loans and contract modifications (including riders). They also held an education session on the single margin approach tentatively adopted by the FASB.
Click here to view the full update and to access all previous IASB updates on this project.
Click here to listen to the IASB meeting audio playback. |
Next discussion by the IASB
The boards will continue their discussion on this project at their meeting in the week commencing 16 April 2012. Observer notes are available as published here. |
Page last updated: 4 May 2012
Related information
Click here for a Snapshot summary on the exposure draft [July 2010]
Click here to read a summary of outreach activity [June 2011]
Click here for the current status on Insurance Contracts [May 2012]