The International Association of Insurance Supervisors (IAIS) published a paper dealing with the valuation of insurance liabilities for general purpose financial reporting of the IASB's Insurance Contracts Project (Phase II). The
IAIS believes that it would be most preferable if the methodologies for calculating items in public, financial reports are able to be used for, or are substantially consistent with, the methodologies used for regulatory reporting purposes, with as few changes as possible to satisfy prudential reporting requirements.
The paper provides initial IAIS observations on identified measurement themes common to both financial and regulatory reporting that the IASB is likely to address in its consideration of Phase II of its Insurance Contracts Project, if a prospective asset/liability model with time value of money adjustments and risk margin are adopted. It highlights a number of the areas where the IAIS believes differences may develop and whether they would be insurmountable or not.
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© IAIS - International Association of Insurance Supervisors
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