The IASB and the FASB considered background material in preparation for their discussions on the issues raised in response to the IASB's exposure draft Insurance contracts and the FASB's discussion paper Preliminary Views on Insurance Contracts, including:
- a proposed project timetable intended to enable the IASB to finalise a standard on insurance contracts, and the FASB to finalise an exposure draft, by June 2011.
- material reminding the boards of the reasons why they developed a standard on insurance contracts and the proposed measurement model.
- a summary of feedback received during outreach activities during the comment period and an overview of the main issues raised.
The boards did not make any decisions.
At the January 2011 meeting, the boards expect to consider a comment letter analysis and to continue their discussions on the accounting for insurance contracts.