• Register
Return to: Home > News > Standards > EFRAG to field test Insurance Contracts proposals

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.

Related articles

IASB issues revised Insurance Contracts proposals

Stakeholders welcome IASB proposals but warn of complexity

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.