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Thursday 02 October 2014

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Insurance Contracts


 Exposure Draft Comment letters

On 30 July 2010 the International Accounting Standards Board (IASB) published for public comment an Exposure Draft of improvements to the accounting for insurance contracts. The Exposure Draft proposes a single International Financial Reporting Standard (IFRS) that all insurers, in all jurisdictions, could apply to all contract types on a consistent basis.

When the IASB was established in 2001 there were no international financial reporting requirements for insurance contracts. In 2004 the IASB introduced IFRS 4 Insurance Contracts as an interim standard that permitted many existing international accounting practices to be retained, whilst beginning a more comprehensive review of insurance accounting as a second phase of the project. The proposals in the Exposure Draft are the result of that review.

Comment Letter deadline

 

The Exposure Draft was open for comment until 30 November 2010.

Respondent type

  • Respondent Type Number Percentage
  •  
    Preparer
    145
    57%
  •  
    Standard Setters
    20
    8%
  •  
    Actuaries
    19
    8%
  •  
    Other
    17
    7%
  •  
    Accounting Profession
    16
    6%
  •  
    Regulators
    16
    6%
  •  
    Auditors
    10
    4%
  •  
    Users
    10
    4%
  • Total 253 100%

Geographic region

  • Geographic Region Number Percentage
  •  
    Europe
    94
    37%
  •  
    US
    38
    15%
  •  
    Other Asia
    22
    11%
  •  
    Oceania
    27
    11%
  •  
    Canada
    22
    9%
  •  
    International
    19
    8%
  •  
    Other
    14
    6%
  •  
    Japan
    10
    4%
  • Total 253 100%