Why are we undertaking the project?
The insurance industry is an important and increasingly international industry and insurance contracts expose entities to long term and uncertain obligations. Today, the accounting for insurance contracts does not provide users with the information they need to meaningfully understand the insurer’s financial position, performance and risk exposure. In addition, IFRS does not address specific insurance issues and it is not obvious how insurers should deal with these issues under current IFRSs. Consequently, great diversity in the accounting practices of the insurance industry has developed over time. Read a presentation on the project objectives.