The International Accounting Standards Board (IASB) published a revised Insurance Contracts Exposure Draft on 20 June 2013 in response to the comments it received concerning the 2010 draft. The proposed standard will replace IFRS 4, which currently permits a wide variety of practices in accounting for insurance contracts across the globe. The proposals present a significant change from current practice in the UK and will affect both life and non-life insurers.
The Financial Reporting Group (FRG) of the IFoA will host an open forum on 12 September to discuss the draft. Andrea Pryde, insurance contracts project leader at the IASB, will provide an overview of the draft at this event, with particular focus on areas of re-exposure. The FRG is developing the response of the IFoA, and members of this group will provide initial views on the draft for discussion at the meeting.
The open forum will take place at Staple Inn Hall, London WC1V 7Q on 12 September from 5pm to 8pm.
For more information on this event and how to sign-up, go to bit.ly/10MxaUZ
To view the draft, see bit.ly/15vSu2O
