IFRS: Insurance Accounting
Presentation to New Zealand Society of Actuaries - Financial Services Forum (November 2009)
2009 has seen some very significant progress in the development of an insurance accounting framework. In late 2008, the US based Financial Accounting Standards Board (FASB) joined the "Insurance Project" established by the International Accounting Standards Board (IASB). Both organisations have been working together to establish a reporting standard for insurance companies that may well prove to be the first truly global GAAP for insurance.
Insurance company reporting is currently governed by Phase I IFRS4, a temporary standard pending a fuller Phase II standard. This presentation covers:
- The development of IFRS for insurance companies
- Recent developments
- The converging positions of FASB and IASB that may lead to a joint Exposure Draft in March or April 2010, and a final standard by June 2011
- Implications of these IFRS developments for insurance companies
Please download the presentation using the link below. If you have any questions or would like to discuss specific issues on accounting for insurance companies, please contact Charles Hett, Head of Actuarial Services, on email or by calling 04 470 3866.