Phase II Field Test–Round III
The IASB conducted a third round of field tests during comment period of the 2013 Exposure Draft Insurance Contracts to:
- understand how the revised proposed would operate in practice;
- the cost and operational challenges associated with the revised proposals compared to the original proposals in the 2010 ED; and
- assess how the revised proposals will help entities that issue insurance contracts to communicate with users of their financial statements.
The IASB discussed the plan for field tests at its November 2012 meeting.
What materials have been provided?
We have provided participants in the field test with the following materials:
Summary of field work
The staff has prepared a document that summarised the results and observations arising from the field work.