Global Standards for the world economy

Monday 26 September 2016

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Insurance Contracts

Phase II Field Test


Phase II Field work


Field work Round I

Between September and December 2009 the IASB conducted a first round of targeted field work which was summarised in the Targeted Field work Results. The Board considered the results from the field work when it developed the Exposure Draft (ED) Insurance Contracts.

For more information regarding the first round of field work please click here.

Field work Round II

The second round of field work involved 15 companies and was conducted between September 2010 and January 2011. This second round was intended to work the proposals in the ED in order:

  • to understand how the proposed approach would operate in practice;
  • to identify where more detailed implementation guidance may be required;
  • to evaluate the costs and benefits of the proposed approach;
  • to assess how the proposed approach will help insurers to communicate with users of their financial statements.

The Board discussed a preliminary field work report at their joint meeting on March 2nd 2011 which highlighted the issues the tested companies faced in respect of above proposals. The staff plan to prepare the final field work report which would summarise how those issues were addressed in the final standard.

What materials have been provided?

We have provided participants in the field work with the following materials:

Other organisations are welcome to use these materials. However, we will have limited ability to respond to questions and input from non-participants. Furthermore, no additional participants will be added at this stage.

Field work Round III

The IASB conducted a third round of field work during comment period of the 2013 Exposure Draft Insurance Contracts to:

  • understand how the revised proposed would operate in practice;
  • the cost and operational challenges associated with the revised proposals compared to the original proposals in the 2010 ED; and
  • assess how the revised proposals will help entities that issue insurance contracts to communicate with users of their financial statements.

The IASB discussed the plan for field work at its November 2012 meeting.

What materials have been provided?

We have provided participants in the field work with the following materials:

 

A document summarises the results and observations arising from the field work Round III.


Field work Round IV

 

Further information on the current round of topic-based field work is available here.