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IFRS Newsletter: Insurance – Moving Towards International Insurance Accounting

Nov 02, 2015
From the Financial Reporting View and the IFRS Institute

The October 2015, Issue 49 of KPMG ISG’s IFRS Newsletter: Insurance – Moving Towards International Insurance Accounting highlights the IASB’s recent discussions about its insurance contracts project:

Addressing the Consequences of Different Effective Dates. The Board decided on a comment period of 60 days for the Exposure Draft to amend IFRS 4, Insurance Contracts.

Classification and Measurement of Financial Assets on Transition. The Board discussed classification and measurement of financial assets on transition and decided that an entity would be required to (1) apply a designation approach if the business model for managing financial assets is reassessed and (2) restate comparative information about insurance contracts; however, restatement would not be mandatory for transition reliefs for financial assets.

Mirroring Approach. The IASB decided not to proceed with the mirroring approach that it proposed in the Exposure Draft.

Presentation and Disclosure Assessments. The IASB (1) reached decisions about presentation and disclosure requirements based on previous decisions since publishing the Exposure Draft and (2) considered the overall disclosure requirements in view of feedback received from stakeholders.

Read KPMG ISG's IFRS Newsletter: Insurance – Moving Towards International Insurance Accounting