The IASB received a summary of the recent Insurance Contracts Working Group (the Working Group) meeting. At that meeting with the Working Group, the staff had discussed some of the IASB's tentative decisions and had requested feedback on the issues that remain for the Insurance Contracts project. These issues include adjustments to the residual margin and the presentation of 'earned premium' in the statement of comprehensive income and transition.
The IASB received the report. No decisions were made.
The IASB will continue its joint discussions with the FASB on the Insurance Contracts project at their meeting in September 2012.