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Saturday 01 November 2014

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Insurance Contracts


 Phase II Field Tests


Between September and December 2009 the IASB conducted a first round of targeted field tests which was summarised in the Targeted Field Test Results. The Board considered the results from the field test when it developed the Exposure Draft (ED) Insurance Contracts.

For more information regarding the first round of field test please click here.

Field test Round II

The second round of field test involved 15 companies and was conducted between September 2010 and January 2011. This second round was intended to test the proposals in the ED in order:

  • to understand how the proposed approach would operate in practice;
  • ┬áto identify where more detailed implementation guidance may be required;
  • to evaluate the costs and benefits of the proposed approach;
  • to assess how the proposed approach will help insurers to communicate with users of their financial statements.

The boards discussed a preliminary field test report at their joint meeting on March 2nd 2011 which highlighted the issues the tested companies faced in respect of above proposals. The staff plan to prepare the final field test report which would summarise how those issues were addressed in the final standard.

We have provided participants in the field test with the following materials: