The International Accounting Standards Board (IASB) published for public comment a revised Exposure Draft of proposals for the accounting for Insurance Contracts.

The revised proposals aim to provide a consistent basis for accounting for insurance contracts and to make it easier for users of financial statements to understand how insurance contracts affect an entity’s financial position, financial performance and cash flows. The revised Exposure Draft sets out in full the proposals for the accounting for insurance contracts.

Invitation to comment

ASB invites comments on the Exposure Draft from the public. The downloadable version of the draft is available at: http://www.ifrs.org/Current-Projects/IASB-Projects/Insurance-Contracts/Exposure-Draft-June-2013/Documents/ED-Insurance-Contracts-June-2013.pdf.

Basis for Conclusions is available at: http://www.ifrs.org/Current-Projects/IASB-Projects/Insurance-Contracts/Exposure-Draft-June-2013/Documents/ED-Insurance-Contracts-Basis-for-Conclusions-June-2013.pdf.

Illustrative Examples is available at: http://www.ifrs.org/Current-Projects/IASB-Projects/Insurance-Contracts/Exposure-Draft-June-2013/Documents/ED-Insurance-Contracts-Illustrative-Examples-June-2013.pdf.

Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than September 24, 2013. Comments can also be sent by e-mail at asb@icai.in