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July 30, 2010 at 08:00 PM
The International Accounting Standards Board has started putting a major new insurance contract accounting draft through a formal comment period.
The International Accounting Standards Board (IASB) has started putting a major new insurance contract accounting draft through a formal comment period.
IASB, London, is proposing a single International Financial Reporting Standard (IFRS) that all insurers, in all jurisdictions, could apply to all contract types on a consistent basis, board officials say.
IASB was established in 2001, at a time when no formal international financial reporting requirements applied to insurance contracts.
IASB introduced interim standards in 2004 and said it would publish proposals for more durable standards after it reviewed existing insurance accounting rules.
The draft exposed to public commenters today is a result of that review, officials say.
IASB sought comments on a discussion paper, Preliminary Views on Insurance Contracts, in 2007. IASB received about 160 comment letters on the paper, and it has used that feedback, field test with report preparers, and other sources to develop the current draft, officials say.
