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Wednesday 27 August 2014

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IASB begins drafting revised Exposure Draft

 06 March 2013


At its February 2013 meeting, the IASB concluded that it had met the due process requirements to begin the balloting process. The IASB also noted that it has undertaken extensive outreach and comprehensively addressed the comments from respondents to the 2010 Exposure Draft Insurance Contracts. The IASB intends to undertake fieldwork with preparers and users of financial statements during the comment period to assess the costs and benefits of the targeted proposals.

The IASB tentatively decided that the revised Exposure Draft should be open for comments for 120 days.

Previous meeting

In September 2012, the IASB agreed to publish a revised Exposure Draft of the proposals on accounting for insurance contracts but to seek feedback only on the following issues:

  1. treatment of participating contracts;
  2. presentation of premiums and claims in the statement of comprehensive income;
  3. treatment of the unearned profit in an insurance contract;
  4. presenting, in other comprehensive income, the effect of changes in the discount rate used to measure the insurance contract liability; and
  5. the approach to transition.

At its meeting in September 2012, the IASB noted that, while the revised Exposure Draft would include the full text of the proposed Standard, it would also be necessary to clearly inform stakeholders that the IASB does not intend to revisit aspects of the proposed Standard other than the areas it has targeted for re-exposure.