The International Accounting Standards Board (IASB) has issued this Exposure Draft Insurance Contracts to propose significant improvements to the accounting for insurance contracts. When the IASB was established in 2001 there were no international financial reporting requirements for insurance contracts. In 2004 the IASB introduced IFRS 4 Insurance Contracts as an interim standard that permitted many existing international accounting practices to be retained, whilst beginning a more comprehensive review of insurance accounting as a second phase of the project. The proposals contained in this Exposure Draft are the result of that review.
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Invitation to comments
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ASB invites comments on the Exposure Draft from the public. The downloadable version of the draft is available at http://www.ifrs.org/NR/rdonlyres/508B3E26-4355-46E6-ACCF-248E76AD3457/0/ED_Insurance_Contracts_Standard_WEB.pdf, whereas Basis for Conclusions is available at http://www.ifrs.org/NR/rdonlyres/D393F6DD-D8FA-49CC-A728-2D3FFAFC2A46/0/ED_Insurance_Contracts_BASIS_WEB.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.
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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 October 31, 2010. Comments can also be sent by e-mail at asb@icai.org or edcommentsasb@icai.org.
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