Heads Up: IASB Issues Exposure Draft on Insurance Contracts
Volume 17, Issue 28
The attached issue of Heads Up discusses the exposure draft (ED) Insurance Contracts, recently issued by the IASB. The ED represents an important milestone to fundamentally revise IFRS 4, Insurance Contracts, and proposes a consistent standard for all insurance and reinsurance contracts, both life and non-life. The IASB ED, if finalized, would significantly change the measurement, presentation, and disclosure requirements with respect to accounting for insurance contracts under IFRSs. The FASB is expected to issue a discussion paper to seek views of U.S. constituents on the proposed IFRS model in September 2010.
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