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.