Practical guide to IFRS

The IASB released an exposure draft on 30 July 2010, proposing a comprehensive new accounting standard to address recognition, measurement, presentation and disclosure for insurance contracts. The proposals under this exposure draft will fundamentally change accounting for insurance contracts. Over the next few years insurers will have to absorb, digest, comment on and implement these requirements.


Contents

  • Introduction
  • Key provisions
  1. Definition and scope
  2. Measurement model
  3. Cash flows
  4. Discount rate
  5. Risk adjustment
  6. Subsequent measurement and residual margin
  7. Acquisition costs
  8. Simplified measurement model for pre-claims liability of short-duration contracts
  9. Reinsurance
  10. Unbundling
  11. Discretionary participating features
  12. Recognition and derecognition
  13. Portfolio transfers and business combinations
  14. Unit-linked contracts
  15. Presentation
  16. Disclosure
  17. Transition

Insurance Contracts Roadmap - to help you navigate through the key changes and challenges of the proposals in the exposure draft. - Download [4.69 mb]