Insurance Accounting Insights
New IFRS on Insurance Contracts heading towards publication
The International Accounting Standards Board's decision to ballot the new standard for Insurance Contracts sets the scene for thinking about implementation.
On 16 February 2016, the International Accounting Standards Board (IASB) closed the chapter on the Insurance Contracts Project deliberations when the Board unanimously granted the IASB staff permission to begin the balloting process, including the drafting of the new Standard. With publication of the final text expected towards the end of 2016/early 2017, this brings finality and clarity within sight for an accounting standard that has been in the making for almost 20 years.
This latest edition of Insurance Accounting Insights summarizes the latest developments and timeline expectations for the long awaited Insurance Contracts standard.