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Thursday 17 April 2014

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Insurance contracts

Insurance Contracts


Issues Paper and Draft Statement of Principles (DSOP)


IASC Projects

The International Accounting Standards Committee (IASC) was the predecessor body of the IASB.  In April 1997, the IASC approved a project on Insurance Accounting.  In November 1998, the IASC approved the scope of the project. 

Issues Paper Insurance (1999)

In December 1999, the IASC published an Issues Paper on Insurance as the first step in a project on insurance accounting. The Issues Paper was developed by the IASC’s Steering Committee on insurance which requested comments by 31 May 2000.
The Issues Paper identified:

  • the different forms of insurance contract and the specific characteristics that were considered relevant in determining the appropriate accounting treatment;
  • the accounting and disclosure issues and arguments for and against possible solutions to those issues; and
  • the tentative views of the Steering Committee at the early stage of the project.

It was published together with an accompanying booklet that contained:

  • 82 illustrative examples;
  • summarised relevant national Standards and requirements in 17 countries; 
  • summarised the main features of the principal contracts found in eight countries; 
  • contained a glossary of terms used in the paper; and 
  • summarised the tentative views expressed in the paper.

To access the Issues Paper click here.

For the Comment letters on the Issues Paper open the zip files below:

Letters 1 - 30

Letters 31 - 60

Letters 61 - 90

Letters 91 - 120

Letters 121 -138


DSOP Insurance

The DSOP was a report prepared by the Steering Committee (which had been established by the IASC) and presented to the IASB in 2001. The IASB posted the DSOP on its website in November 2001, but did not invite comment as it had not discussed the report.

Chapters 7, 13 and 14 were not finalised before handing over to the IASB, and the IASB did not agree to finalise this work as part of its responsibilities.

To access the DSOP click here.