This IFRS Insurance Newsletter highlights key developments relating to the joint International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) Insurance Contracts project.
In particular this newsletter highlights the results of recent IASB and FASB discussions regarding the measurement approaches including the measurement of the risk adjustment, recognition of the residual and composite margins, level of measurement (aggregation), discounting, contract boundaries, contract recognition, unbundling and embedded derivatives, and scope related issues. Additionally, this newsletter provides the current status of the project and anticipated timeline for completion.