IFRS Exposure Draft – Insurance Contracts

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    The IASB's Exposure Draft is the outcome of a joint project between the IASB and FASB (its American equivalent). There are a few key areas where the IASB and FASB do not agree. We have baser all our comments on the IASB position.

    The ED, once finalised as an International Financial Reporting Standards (IFRS) and adopter by the AASB, will replace AASB 1023. It proposes changes in how insurance contracts are accounted for, with potential flow-on effects to actuarial practice, APRA reporting and capital calculations.

    Co-Authors: Abby Henshall, Francis Beens

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