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ARTICLE · 13 AUGUST 2013

Accounting For Insurance Contracts

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The International Accounting Standards Board recently published, for public comment, a revised exposure draft of its proposals for accounting for insurance contracts.

IrelandInsurance
Sharon Daly
Sharon Daly
Darren Maher
Darren Maher
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On 20 June 2013, the International Accounting Standards Board ("IASB") published, for public comment, a revised exposure draft of its proposals for accounting for insurance contracts (the "Proposals"). The Proposals reflect feedback received during the previous consultation process.

The objective of the Proposals is to provide a more consistent basis for the accounting for insurance contracts in order to assist users of financial statements to understand how insurance contracts affect an entity's financial position, financial performance and cash flows.  The Proposals will enhance comparability across entities, jurisdictions and capital markets and will apply to all insurance contracts whether issued by insurers or other entities.  

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