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Details

  • Service: Audit, IFRS
  • Industry: Financial Services, Insurance
  • Type: Business and industry issue
  • Date: 1/30/2014

Cautious support for insurance proposals 

Feedback presented at this month’s joint meetings between the IASB and the FASB indicated that the majority of respondents welcomed the insurance proposals; however, most highlighted the need for further changes.

In particular, they felt that the three critical issues of complexity, accounting mismatch and participating contracts need to be resolved if the benefits of introducing a new standard are to outweigh the costs. Some respondents to the FASB proposals would prefer targeted improvements to US GAAP if convergence cannot be achieved.


Our IFRS Newsletter: Insurance looks at the feedback presented, along with some of the alternatives suggested by constituents to the Boards’ models.

IFRS Newsletter: Insurance - issue 36, January 2014

Feature image
Highlights the IASB and the FASB discussions on the joint insurance contracts project as well as summaries of feedback developed by the staff.

© 2014 KPMG IFRG Limited is a UK company, limited by guarantee. All rights reserved. KPMG IFRG Limited, registered in England No 5253019. Registered office: 8 Salisbury Square, London, EC4Y 8BB

 

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