• Register
Return to: Home > News > Standards > IASB issues revised Insurance Contracts proposals

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


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.