This
IFRS insurance alert summarises the key elements of the International Accounting Standards Board’s
Discussion paper: Preliminary views on insurance contracts. This paper is the latest stage of extensive analysis and debate from Phase II of the insurance contract project. The feedback from these consultations will aid the IASB in developing firm proposals for an exposure draft that is due to be published towards the end of 2008.
The Alert also highlights the differences between the IASB’s proposals and the views of two industry groups that have put forward their own parallel blueprints for insurance contract accounting (GNAIE and CFO Forum), along with the IFRS model under IAS 39.
