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Monday 22 December 2014

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Insurance Contracts

Insurance Contracts


 Project history


 

September 2014

The Accounting Standards Advisory Forum discussed the Insurance Contracts project.

 June 2014

The Accounting Standards Advisory Forum discussed the Insurance Contracts project.

 March 2014

The IASB began redeliberations of the revised Exposure Draft Insurance Contracts.

 January 2014

The IASB considered summary of the feedback from comment letters and outreach activities.

 June 2013

The IASB issued the revised Exposure Draft Insurance Contracts with a comment period ending on 25 October 2013.

 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:

  1. to understand how the proposed approach would operate in practice;
  2. to identify where more detailed implementation guidance may be required;
  3. to evaluate costs and benefits of the proposed approach; and
  4. 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 began their 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 considered 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 issued the Discussion Paper Preliminary Views on Insurance Contracts; the comment period ended on 15 December 2010.

July 2010

The IASB issued the Exposure Draft Insurance Contracts; the comment period ended on 30 November 2010.

June 2009

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

November 2008

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

October 2008

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

April 2008

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

February 2008

The Board began its review of responses to the discussion paper Preliminary Views on Insurance Contracts. The Board decided 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 discussed the process for dealing with the topic of accounting by policyholders for their rights under insurance contracts (‘policyholder accounting’). At this stage, the Board expected to deal with policyholder accounting in an exposure draft without first publishing a discussion paper.

August 2007

The US Financial Accounting Standards Board (FASB) issued 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. View more information on the FASB’s Invitation to Comment.

May 2007

The IASB issued the Discussion Paper Preliminary Views on Insurance Contracts; the comment period ended on 16 November 2007.

September 2004

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

Mid-2004

The Board took up phase II of the project. Presentations from outside parties to the Board followed from then on. View the list of topics covered in Board education sessions.

March 2004

By issuing IFRS 4 Insurance Contracts, the Board completed phase I of the project (visit Frequently Asked Questions on IFRS 4).

January 2003

Work on the project was suspended due to other priorities.

May 2002

The Board split the project into two phases.

2001-2002

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

July 2001

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

December 1999

The Steering Committee reviewed the comment letters and concluded 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 published an Issues Paper, which attracted 138 comment letters.

1997

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