Australia

Details

  • Service: Audit, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Industry: Financial Services, Insurance
  • Type: Business and industry issue
  • Date: 28/09/2011

The New World for Insurance

The New World for Insurance
These publications follow the development of the insurance contract standard and the impact to the industry and investors.

The New World for Insurance: Progress report on Phase II 

KPMG is pleased to present the September 2011 progress report of the New World for Insurance. This progress report examines how far the IASB and FASB have come in addressing technical concerns with the insurance accounting proposals as well as providing a view on what might lie ahead. It also provides an overview of what you should be doing now to prepare for these changes.

Key insights

  • The Boards have addressed some of the specific features that contribute to accounting volatility, including the measurement of participating contracts.
  • The Boards are considering what volume information is most useful for life and non-life contracts and how to present the information.
  • IASB and FASB continue to disagree on a three or four model approach; however, they are exploring whether greater disclosure would help to make the two approaches more comparable.
  • Given the divide between the IASB and FASB on key topics, it is unclear whether international convergence of insurance accounting will occur as originally planned.
  • Considering the current timeline and feedback from constituents, an effective date before 2015 is unlikely.
 

Insurance

KPMG’s Insurance group helps general insurance companies, health, life, reinsurance and broking arms of the industry make better business decisions.

International Financial Reporting Standards

KPMG helps organisations adopt IFRS, providing practical support to smooth the transition.
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