The IASB has finally released its long awaited revised Exposure Draft on Insurance Contracts. This should mark the final release of any kind stamped Draft, Exposure or Discussion along the over 15 year journey of the IASB and its predecessors. The proposed standard sets out fundamental changes to the way insurers will report their results, with the aim of achieving greater consistency and transparency.
The revised Exposure Draft builds on previous consultations and aims to respond to the concerns expressed by the industry. However, in doing so the IASB may have increased the operational cost and complexity of compliance. It is clear that implementing the requirements will impact a wide range of internal and external stakeholders.
The briefing will be led by KPMG partners with extensive knowledge of the standard’s history and the considerations behind the revised proposals. We will focus on:
· Providing an overview of the full standard as it currently stands
· The revised proposals and what they could mean for you
· The interaction with changes in accounting for financial instruments
· Business implications and sensible next steps