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Tuesday 07 July 2020

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Insurance Contracts

Exposure draft and Comment letters [Jul 2010]


 Exposure draft and comment letters

On 30 July 2010 the International Accounting Standards Board (IASB) published for public comment an exposure draft of improvements to the accounting for insurance contracts. The exposure draft proposes a single International Financial Reporting Standard (IFRS) that all insurers, in all jurisdictions, could apply to all contract types on a consistent basis.

When the IASB was established in 2001 there were no international financial reporting requirements for insurance contracts. In 2004 the IASB introduced IFRS 4 Insurance Contracts as an interim standard that permitted many existing international accounting practices to be retained, whilst beginning a more comprehensive review of insurance accounting as a second phase of the project. The proposals published today are the result of that review.

Comment letter deadline

The exposure draft was open for comment until 30 November 2010, the comment period is now closed. Click here to read the comment letters.


Due process document Accompanying material
Exposure draft: Insurance Contracts (with editorial corrections posted 2 August 2010) [PDF] Basis for Conclusions:  Insurance Contracts [PDF]
Expos�-sondage: Contrats d�assurance [French] [PDF]
公開草案: 保険契約[Japanese] [PDF] 結論の根拠 公開草案: 保険契約 [Japanese] [PDF]

The following table lists the editorial corrections that were made to the text of the draft standard and Basis for Conclusions:

Document Position in text Deleted Substituted / inserted
Proposed standard paragraph B1(b) �(paragraphs B35�B110)� �(paragraphs B34�B110)�
Basis for Conclusions
page 11
paragraph BC17 �an accounting� �an accounting model�
Basis for Conclusions
page 13
footnote � �CU2,012,500� �CU2,025,000�
Basis for Conclusions
page 40
heading above paragraph BC108 �(paragraphs 35 and 37)� �(paragraphs 35�37)�

For clarity, some minor formatting changes were also made to these documents. For example, in the Basis for Conclusions, line breaks were inserted in the table of contents where the text was too close to the paragraph references.

Related information

Click here for a Snapshot summary on the exposure draft

Listen to the 26 July podcast  introducing the exposure draft

Click here for press release 

Click here to view the IASB staff paper Summary of comment letters on the IASB ED Insurance contracts