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Saturday 19 April 2014

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Insurance Contracts

Insurance Contracts


Project history


 

February 2013

The IASB concluded that it had met the due process requirements to begin the balloting process.

 June 2012

The Working Group provided input on a number of proposals in the Exposure Draft and on proposals following subsequent deliberations, including progress on financial instruments projects, residual margin on transition and presentation method for ‘earned premium’.

October 2011

The Working Group provided input on a number of proposals in the Exposure Draft and on proposals following subsequent deliberations, including the use of other comprehensive income and possible changes to premium allocation approach.

May 2011

The Working Group provided input on a number of proposals in the Exposure Draft and on proposals following subsequent deliberations, including the use of other comprehensive income, policyholder presentation, unit-linked contracts and a modified approach for short-term contracts.

March 2011

The Working Group provided input on a number of proposals in the Exposure Draft and on proposals following subsequent deliberations, including discount rate, unlocking the margin and presentation.

January 2011

Between September 2010 and January 2011 the IASB conducted a second round of field tests to test the proposals in the Exposure Draft in order:
    (a) to understand how the proposed approach would operate in practice;
    (b) to identify where more detailed implementation guidance may be required;
    (c) to evaluate costs and benefits of the proposed approach; and
    (d) to assess how the proposed approach will help insurers to communicate with users of financial statements.

January 2011

The FASB decided to continue the project jointly with IASB after considering the comment letters on their Discussion Paper Preliminary Views on Insurance Contracts.
The IASB and FASB begin its review of responses to the proposals in the Exposure Draft Insurance Contracts and Discussion Paper Preliminary Views on Insurance Contracts.

December 2010

Round-table meetings were held in Tokyo (Japan), London (United Kingdom) and Norwalk (United States), with the purpose of listening to the views and obtaining information about the proposed requirement from interested parties.

December 2010

 The IASB and FASB consider a summary of feedback received during outreach activities during the comment period and an overview of the issues raised.

November 2010

The Working Group provides input on a number of proposals in the exposure draft, including discount rates, reporting changes in circumstances, presentation and unbundling

September 2010 

The FASB issues the Discussion Paper Preliminary Views on Insurance Contracts with a comment period ending on 15 December 2010

July 2010

The IASB issues the Exposure Draft Insurance Contracts with a comment period ending on 30 November 2010

June 2009

The working Group provides inputs on the possible measurement, presentation and disclosure approaches and the treatment of acquisition costs for insurance contracts.

November 2008

The Working Group provides input for a number of topics; for example candidate measurement approaches, discount rates and changes in insurance liabilities.

October 2008

The FASB adds a project on insurance contracts to its agenda and the boards agreed to undertake it jointly.

April 2008

The Working Group provides input for a number of issues that followed from the responses to the discussion paper.

February 2008

The Board begins its review of responses to the discussion paper Preliminary Views on Insurance Contracts. The Board decides not to hold public round-table meetings at this stage of the project, noting that the members of its Insurance Working Group supply input from a wide range of perspectives.

November 2007

The Board discusses the process for dealing with the topic of accounting by policyholders for their rights under insurance contracts (‘policyholder accounting’). At this stage, the Board expects to deal with policyholder accounting in an exposure draft without first publishing a discussion paper.

August 2007

The US Financial Accounting Standards Board (FASB) issues an Invitation to Comment on whether the FASB should add to its agenda a joint project with the IASB to develop a comprehensive standard on accounting for insurance contracts. For information on the FASB’s Invitation to Comment, click here.

May 2007

The IASB issues the Discussion Paper Preliminary Views on Insurance Contracts with a comment period ending on 16 November 2007.

September 2004

The Board creates a working group to advise it on the project.

Mid-2004

The Board takes up phase II of the project. Presentations from outside parties to the Board follow from than on. Click here for a list of topics covered in Board education sessions.

March 2004

By issuing IFRS 4 Insurance contracts the Board complete phase I of the project (for Frequently Asked Questions on IFRS 4 click here)

January 2003

Work on the project is suspended due to other priorities.

May 2002

The Board splits the project into two phases

2001-2002

Selected Board members and staff carry out field visits to 19 insurers in nine countries

July 2001

The IASB (formed in March 2001) takes over the project from its predecessor body and adds the project to its technical agenda.

December 1999

The Steering Committee reviews the comment letters and concludes its work in 2001 by developing a report to the IASB in the form of a Draft Statement of Principles (DSOP). The IASC Steering Committee publishes an Issues Paper, which attracts 138 comment letters

1997

The Board’s predecessor, the IASC, sets up a Steering Committee in 1997 to carry out the initial work on an Insurance project.