United States

IASB Moves Toward Balloting New Insurance Contracts Standard

Feb 22, 2016
From the Financial Reporting Network and the IFRS Institute

The IASB recently decided not to re-expose its 2013 Exposure Draft, Insurance Contracts, and instructed its staff to begin the balloting process for the forthcoming insurance contracts standard, thereby paving the way for the final standard to be issued around the end of 2016.

In the meantime, the IASB will decide on the effective date and will complete targeted external reviews to ensure that stakeholders interpret the wording in the standard consistently with the Board’s objectives.

Companies should begin to assess the potential effect of the standard on their business, and closely follow issues that may arise during the balloting process.

Read KPMG ISG’s Things to Start Thinking about Now