IFRS Phase 2 for insurance contracts

In response to the release by the International Accounting Standards Board (IASB) of a revised Exposure Draft (“ED”) on proposals in relation to the accounting for Insurance Contracts and the deadline for final comments on the ED having passed, we will hold an evening meeting to review the proposals and to consider what they mean for insurers, in particular focus on the practical challenges facing companies as they move towards implementation and highlight the key differences to the Solvency II framework. The ED will radically change how insurers report and present their financial information.



As background, the Insurance Contracts project aims to provide a single principle-based Standard to account for all types of insurance contracts, including reinsurance contracts. The project also aims to enhance comparability of financial reporting between entities, jurisdictions and capital markets. That comparability is largely lacking today because of various accounting practices that have developed in piecemeal fashion over many years. The Exposure Draft builds upon proposals published in 2010, and reflects feedback received during the extensive public consultation period that followed the publication of those proposals.

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