EFRAG to field test Insurance Contracts proposals
In response to International Accounting Standards Board's (IASB) Insurance Contracts Exposure Draft (ED) issued last week the European Financial Reporting Advisory Group (EFRAG) has set up a field-test to assess how these proposals would affect European companies applying IFRS.
The aim of the field test is to gather evidence on how the proposals would be used in practice, and to see how efficient their impact would be, and what costs and benefits would follow as a result of introducing them.
As part of the project EFRAG, national standard setters from France, UK, Germany and Italy as well as IASB staff have created a questionnaire for participants to complete.
The questionnaire requires participants to apply the ED to selected insurance contracts and also extend the field-test to financial instruments and non-financial assets related to the portfolios which are being tested.
The final output of the field-test will be shared between EFRAG, the standard setters, the European Commission and the IASB.
EFRAG are encouraging all entities who might be impacted by the proposals to participate in the field-test. In particular insurance companies, reinsurers, bank insurers and conglomerate groups as they are most likely to be affected by the IASB's new proposals.
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