IASB Update May 2005

24 May 2005

The International Accounting Standards Board met in London on 16 – 18 May, discussing among others issues on fair value option and insurance contracts. On fair value option the Board discussed comments received from several insurers. The Board reaffirmed its previous decisions in this area and expects to publish the final amendments in mid June 2005.

The Board also discussed various approaches to accounting for non-life insurance contracts. Two approaches wil be explored in parallel, until it determines the basis on which one should be selected.

The Insurance Working Group will meet late July in London and will concentrate on life insurance accounting topics, but may also include some discussion of non-life topics. In addition, the staff expects that the Board will begin educational sessions on life insurance soon, perhaps at the July meeting.

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