On 30 July, the IASB published its Exposure Draft of the new IFRS for insurance contracts. This is a major milestone in the creation of an improved reporting standard for insurance under International Standards. Preparation for the new IFRS will require significant investment and the detailed assessment of the new proposals will be a key step in what is expected to be a complex implementation challenge. It is hoped that the benefits of these efforts will bring more consistency and transparency to insurance reporting than there is under the current IFRS regime, which in turn should enhance insurers’ ability to raise capital.
The Insurance Accounting Newsletter provides a monthly update on the development of the new accounting requirements and a summary of Deloitte’s own understanding of the progress being made by the Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).
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