IFRS - August 2010 exposure draft for insurance contracts examined

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By Bradley M. Smith, William C. Hines | 24 November 2010
The adoption of the standards proposed in the IFRS August 2010 exposure draft for insurance contracts may have significant implications for insurers, as well as for users of insurers' financial statements and for the actuaries who help develop the underlying policy liabilities. This summary examines the methodology for long-duration contracts, with a focus on the areas that are likely to create reporting issues and result in a lack of transparency in insurers' financial statements.