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.