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.