The IASB currently plans to consult early next year on five areas of the standard treatment of participating contracts, presentation of premiums in the income statement, treatment of unearned profit in an insurance contract, presenting that the effect of changes in the discount rate in OCI and the approach to transition).
The board also indicated that in carrying out this limited re-exposure it would explicitly avoid re-opening any other topics that have already been re-deliberated.
In a joint letter, the industry argues that — due to the importance of the project — any comments on those areas should not be treated in isolation but should be considered in the context of the overall standard.
Full joint letter
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