IASB/FASB Insurance Contracts project, summer 2011 update

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By Angelika Feng, William C. Hines, Henny Verheugen | 16 September 2011

The deadline for making decisions on the joint International Accounting Standards Board (IASB)/Financial Accounting Standards Board (FASB) Insurance Contracts project has been extended; the boards now expect to issue their next round of documents for comment in late 2011 or early 2012.

This white paper provides a summary of some of the recent discussions between the boards and the decisions they have made over the last few months, as well as some activity with regard to the IASB’s overall agenda and the contemplation by the U.S. Securities and Exchange Commission (SEC) of adopting International Financial Reporting Standards (IFRS) for all companies.

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Insurance