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IASB issues revised Insurance Contracts proposals

The International Accounting Standards Board (IASB) published for public comment a revised exposure draft of proposals for the accounting for Insurance Contracts.

With the revised exposure draft - IFRS 4 Phase II: Insurance Contracts - the IASB has sought to address the feedback received for the previous exposure draft concerning the topic of Insurance Contracts published in 2010.

"We are approaching the end of this important project to bring consistency and transparency to the accounting for Insurance Contracts," IASB chairman Hans Hoogervorst said.

"We are now seeking further feedback before finalising this much-needed standard", he added, inviting respondents to comment on the key areas that the IASB has changed as result of the responses to the 2010 exposure draft.

Deadline for comments is 25 October 2013.

In response to the proposals, chairman of the Institute of Chartered Accountants in England and Wales's (ICAEW) Insurance Committee Hitesh Patel said it represented a long-awaited milestone and stressed the need to "finish the job".

"This project has been running for fifteen years, which is understandable given the complexities involved. The key now will be to carry the ball over the touchline."

itesh encouraged comments as he thinks that the standard as proposed would raise some challenges, especially for small insurers.

A number of KPMG representative's also commented on the proposals, with KPMG's global insurance advisory leader saying the proposals, "more accurately reflect the risks and liabilities undertaken by insurers, brining insurance accounting into the 21st century - but not without a cost."

KPMG's global head of insurance, Frank Ellenbuerger, was also positive about the new proposal, saying "The IASB has made great efforts to improve the proposals by addressing the key concerns of constituents while retaining the objective of a current value basis for measuring insurance contract liabilities - bringing a final IFRS for insurance a great deal closer."


Related article

IASB to re-expose insurance standards proposal

Related links

The International Accounting Standards Board

The Institute of Chartered Accountants in England and Wales

KPMG




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