Insurance IFRS Meeting Notes

Deloitte observers provide an independent record of meetings of the International Accounting Standards Board.

As an independent source, our meeting summaries are based on notes taken by observers at the relevant meeting and should not be regarded as an official or final summary. Readers should refer to official documentation (where available) for such meetings.

IASB meetings

The IASB publishes summaries of the deliberations at Board meetings in its newsletter IASB Update. The IASB also provides audio summaries of Board meetings, project updates and other useful information (“podcasts”). Past issues of IASB Update and prior podcasts are available on the IASB’s website. On individual project pages on the IASB website you will find links to observer notes and excerpts from IASB Update relating to that project.

Notes from the IASB meeting held on 20 and 22-23 July 2015

The IASB held a meeting on 20 July 2015 to address the consequences of different effective dates of IFRS 9 Financial Instruments (IFRS 9) and the new insurance contracts Standard. At this meeting the IASB took a decision to amend IFRS 4 Insurance Contracts (IFRS 4) to permit an entity to exclude from profit or loss and recognise in other comprehensive income the difference between the amounts that would be recognised in profit or loss in accordance with IFRS 9 and the amounts recognised in profit or loss in accordance with IAS 39 Financial Instruments: Recognition and Measurement (IAS 39), subject to meeting certain criteria.

July 2015 IASB meeting

Notes from the IASB education session held on 19 March 2015

The session featured discussion of adaptations for insurance contracts that provide policyholders with benefits that are dependent from returns generated by underlying items (such as investment returns from financial assets) that the insurer holds to back those insurance liabilities (“participating contracts”).



March 2015 education session

Notes from the IASB meeting held on 22-24 July 2014

Insurance contract topics discussed were:

  • The leases project, the disclosure initiative, insurance contracts
  • Annual improvements (2012-2014 cycle)
  • Issues from the IFRS Interpretations Committee, the conceptual framework, the research programme, and rate-regulated activities.
July 2014 meeting

Notes from the IASB meeting held on 17-19 June 2014

Insurance contract topics discussed were:

  • Determining discount rates when there is lack of observable data
  • Asymmetrical treatment of gains from reinsurance contracts
  • Level of aggregation
  • Selecting an accounting policy for presenting the effect of changes in discount rate
    • Contracts with participation features
    • The identification of underlying items
      • When can the insurer’s share be considered to be a 'fee' for the asset management services provided?
      • What amounts should adjust the CSM?
    • Book yield approach
      • When is it appropriate to use the book yield approach?
June 2014 IASB meeting
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