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  • Service: Audit, IFRS
  • Date: 3/25/2014

Insurance – Two of the five targeted areas deliberated 

This month’s decisions suggest that the IASB is not only listening to constituents’ concerns on the insurance contracts project, but also responding to them.

Many will welcome the decision permitting, but not requiring, them to present the effects of changes in discount rates in other comprehensive income, although further IASB guidance would address concerns about consistency and comparability.


The Board also decided that the contractual service margin would be unlocked for changes in the risk adjustment that relate to future coverage and other services. This means that two of the five areas targeted for redeliberation have now been discussed.

 

Next month, the IASB will redeliberate the presentation of insurance contract revenue and discuss an approach for redeliberating issues that were not targeted by the exposure draft – so the April meetings could further clarify the expected timeline towards a final standard in 2015.

IFRS Newsletter: Insurance - issue 38, March 2014

Feature image
This edition of IFRS Newsletter: Insurance highlights the IASB’s discussion in March 2014 on its insurance contracts project.

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