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.
