During July 2016 the staff invited test participants to participate in the external testing of the forthcoming insurance contracts Standard. The objective of the external testing was to provide the International Accounting Standards Board (the Board) with evidence about:
Test participants were requested to answer a questionnaire. The questionnaire included relevant extracts from a staff draft of the forthcoming Standard.
The methodology and results of the external testing were discussed together with sweep issues identified from the external testing at the Board’s November 2016 meeting.
Information on the November 2016 agenda papers is available here.
The topic-based external testing is intended to supplement the field work the Board has undertaken in three previous rounds of field work, as follows: