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Details

  • Service: Audit, Advisory, Accounting Advisory Services
  • Industry: Financial Services, Insurance
  • Type: Regulatory update
  • Date: 18/07/2012

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 Elaine Hultzer

Elaine Hultzer

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IFRS Insurance newsletter - Issue 28 

Moving toward global insurance accounting 

 

This issue highlights the IASB discussions in July 2012 on the joint insurance contracts project which focused on feedback from an IWG meeting in late June.

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Highlights

 

  • The Insurance Working Group participants:
    welcome the use of other comprehensive income (OCI) for insurance liabilities but express concern with its interaction with the mixed measurement model in IFRS 9
    agree that a single converged standard between the IASB and the FASB is desirable
    raise issues related to the earned premium approach, unbundling (including the disaggregation of investment components for the statement of comprehensive income), transition and other matters.

 

  • IASB expects a due process document (either staff draft or exposure draft) at end of 2012.

 

  • No decisions made in July. Boards plan to resume discussions on presentation, transition, and other matters in September 2012.
 

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