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KPMG's Insurance Group – Recent Publications – May 2014 

At KPMG, we are dedicated to providing our clients with insights on today's critical business issues. To help keep you up to date, we're pleased to share with you recent studies, white papers, articles, and multimedia content published by KPMG.

 

SPECIAL ALERT - KEY INSURANCE ACCOUNTING DEVELOPMENTS

 

During May, the IASB continued its redeliberations on the June 2013 re-exposure draft of Insurance Contracts:

 

  • When the IASB asked for comments on its insurance contracts proposals last year, some respondents voiced concerns about significant diversity in the recognition of the contractual service margin in profit or loss. Responding to these concerns in its May board meeting, the IASB clarified that, for non-participating contracts, the service represented by the contractual service margin is insurance coverage, while also clarifying the appropriate allocation pattern.
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  • Also this month, the IASB redeliberated the scope exemption for certain fixed-fee service contracts and decided to clarify the guidance on significant insurance risk and accounting for contracts acquired through portfolio transfers or business combinations.

 

For more details, see this month's edition of IFRS - Insurance Newsletter, which is available for download below. The IASB continues to make important progress in resolving issues raised in the consultation process, and a final standard is still expected in the first half of 2015. There is more to come, including re-deliberating the proposals on contracts with participating features and several other issues. We will keep you posted.

Publications

 

Publication thumbnail IFRS Newsletter: Insurance - Issue 39

This edition of IFRS Newsletter: Insurance highlights the IASB's discussion in April 2014 on its insurance contracts project. The IASB confirmed the proposals in the 2013 exposure draft for the presentation of insurance contract revenue in profit or loss and disclosures related to volume information.
Publication thumbnail Frontiers in Finance April 2014 - Data, analytics and technology: Strategic enablers for the CIO

Financial services companies are having to respond to rapid and transformational developments in data, information and technology. Improving the alignment between the data and information systems relied on by internal management and external regulators is fundamental. The articles in this issue should help illuminate some of the directions for future development.
Publication thumbnail KPMG's 2014 Global Audit Committee Survey - The Canadian Perspective

Capturing the view of Canadian audit committee (AC) members, this survey identifies gaps and emerging risks about how ACs and boards can strengthen their oversight and keep pace in an ever-changing environment.

Insurance Newsletter

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Insurance

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