IAIS comments on IASB’s accounting for insurance contracts proposals

17 November 2003

The International Association of Insurance Supervisors (IAIS) have submitted substantive comments to the International Accounting Standards Board (IASB) regarding their proposals on accounting for insurance contracts. Insurance supervisors remain most concerned about the possible negative effect of inconsistent asset and liability reporting due to differing measurement bases implemented in the first phase of the project of IASB.

In particular, they remain apprehensive that over the near term, insurers’ financial statements might be perceived as not being fully reflective of the economic reality, pending the development of the second and final phase.

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