This IFRS Insurance Newsletter summarises the IASB’s1 exposure draft ED/2010/8 Insurance contracts (the ED), which was published on 30 July 2010. Comments are due to the IASB by 30 November 2010. The ED proposes a new standard on accounting for insurance contracts, which would replace IFRS 4 insurance Contracts. The proposals represent the first comprehensive IFRS accounting model for insurance contracts and are expected to have a significant impact on the financial reporting of insurers. The ED does not propose an effective date for the new standard since the IASB plans an additional consultation on the effective dates of these proposals in conjunction with other proposed standards to be issued in 2011.
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