The
IASB released for comment a Discussion Paper on accounting for insurance and reinsurance contracts in May 2007. The proposals would introduce fundamental changes to insurance accounting and focus on market-consistent measurement of insurance liabilities. This will impact the way investors, regulators and other stakeholders assess the insurance industry. The newsletter summarises and comments on the measurement issues raised in the DP.
Comments can be submitted until 16 November 2007. An Exposure Draft is expected to be issued in late 2008, with the final Standard on accounting for insurance contracts in place during 2010.
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