Details

  • Service: Audit, Advisory, Accounting Advisory Services
  • Industry: Financial Services, Insurance
  • Type: Regulatory update
  • Date: 28/11/2011

Contact us

 Elaine Hultzer

Elaine Hultzer

Partner - Audit, Financial Services

+64 9 363 3228

ehultzer@kpmg.co.nz

Insurance

We have a wealth of client experience and relationships with many of the major market players.

IFRS Insurance newsletter - Issue 21 

Moving toward global insurance accounting                                                           

 

We highlight the results of recent IASB and FASB discussions on the joint insurance contracts project. We also provide the current status of the project and anticipated timeline for completion.

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Highlights

 

  • FASB decides that explicit account balances should be separated from insurance contracts.

 

  • IASB indicates preference to include explicit account balances in the measurement of insurance contracts with separate presentation in financial statements.


  • IASB agrees to consider limited improvements to IFRS 9 and to consider interaction with the insurance project.


  • IASB holds educational session on the treatment of the residual margin.
 

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