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.
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Project news
27 January 2012 The IASB and FASB agreed today to work together to seek to reduce differences in their respective classification and measurement models for financial instruments. For more information, please click here.
5 January 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.
21 December 2011 The staff have updated a document which presents 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.
19 December 2011 Podcast recorded by Stephen Cooper, IASB member and Andrea Pryde, Senior Technical Manager, reporting on developments in the Insurance Project following the joint IASB/FASB meeting on 13-16 December 2011. Click here to listen.
Click here to see all previous project news on this project. |
Last IASB meeting update
15 December 2011
The IASB and FASB continued their discussions on the following topics relating to insurance contracts: participating contracts, discounting of the liability for claims incurred, unit of account and onerous contracts
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 joint meeting on 25-27 January 2011. Observer notes are available as published here. |
Page last updated: 27 January 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 [January 2012]