IFRS for Insurance Contracts - Exposure Draft
On 30 July 2010, the IASB published its Exposure Draft of the new IFRS for insurance contracts (IFRS 4 Phase II). This is a major milestone in the creation of a common reporting standard for the measurement, presentation and disclosure of insurance contracts. Preparation for the new IFRS will require significant investment and the understanding and assessment of the new proposals will be a key step in what is expected to be a complex implementation challenge. Hopefully the benefits of these efforts will bring more consistency and transparency to insurance reporting than there is under the current IFRS regime.
The enclosed presentation will help gaining an understanding of the key concepts, accounting and reporting implications triggered by the Exposure Draft.