• Service: Audit, IFRS
  • Date: 2/26/2014

Boost for insurers under IFRS, but FASB project changes tack 

With the IASB deciding on a 2018 effective date for its financial instruments standard, insurers may find it easier to adopt the new insurance contracts IFRS at the same time.

Meanwhile, the FASB has decided to change the future direction of its own insurance contracts project, and will consider targeted improvements to current US GAAP. It will also limit the project’s scope to insurance entities, although contracts written by non-insurers may be added back as the project progresses.

These decisions are likely to significantly limit convergence between the IASB’s and the FASB’s insurance contracts projects.

IFRS Newsletter: Insurance - issue 37, February 2014

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This newsletter highlights the IASB’s discussion on the mandatory effective date of IFRS 9 and the FASB-only discussions on its insurance contracts.

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