Document icon

Insurance Contracts - preliminary views DP


The objective of this project is to develop an International Financial Reporting Standard (IFRS) on accounting for insurance contracts. The project will address accounting by both insurers and policyholders.

The IASB decided to develop an IFRS on insurance contracts because:
(a) there was no IFRS on insurance contracts, and insurance contracts were excluded from the scope of existing IFRSs that would otherwise have been relevant (eg IFRSs on provisions, financial instruments, intangible assets).
(b) accounting practices for insurance contracts were diverse, and also often differed from practices in other sectors.

The Board completed the previous phase of this project in March 2004 by issuing IFRS 4 Insurance Contracts.  

EFRAG published its comment letter to the DP on 22 February 2008.

Show more...