International Accounting Standards

More documents

Recommendations

Info

16 IFRS 4 –Phase I Insurance Contracts Project Started in 1997 IFRS 4 – Phase I – Limited improvements to current accounting; interim standard IFRS 4 –Phase II – Redefines measurement of insurance liabilities (fair value) Applies to both insurance and reinsurance contracts Does not apply to other assets and liabilities of an insurer Move away from the deferral and matching (P & L) approach Move to an asset and liability approach (Balance Sheet) 16
17 IFRS 4 ‐Phase I • Interim Standard – focuses primarily on disclosures and classification of insurance contracts • Introduces a definition for an insurance contract based significant insurance risk • Exempts insurers from changing their accounting policies to comply with IFRS Hierarchy to limited required changes to existing accounting practices for insurance contracts and extensive disclosures • Refers back to local GAAP in Phase I for items not yet determined 17
Page 1 and 2: International Accounting Standards
Page 3 and 4: 3 IFRS Who IASB, FASB and SEC What
Page 5 and 6: 5 IFRS ‐ Key Players • IASB Int
Page 7 and 8: 7 IFRS On August 27, 2008, the SEC
Page 9 and 10: 9 Current IFRS Current Relevant Gui
Page 11 and 12: 11 IFRS -Open Items Open Items Spec
Page 13 and 14: 13 IFRS IFRS 1 -First Time Adoption
Page 15: 15 IFRS Significant differences bet
Page 19 and 20: 19 IFRS 4 -Phase II May 2007: IASB
Page 21 and 22: 21 IFRS 4 -Phase II Recent discussi
Page 23 and 24: 23 IFRS 4 ‐ Phase II: Recent Disc
Page 25 and 26: 25 IFRS 4 ‐ Phase II: Current Cha
Page 27 and 28: 27 IFRS ‐ Impact of Changes • R
Page 29 and 30: 29 IFRS ‐ Impact of Changes • A
Page 31 and 32: 31 Solvency II Solvency II (cont) F
Page 33: 33 IFRS ‐ Challenges New challeng

International Accounting Standards

Create successful ePaper yourself

Delete template?

Save as template?