International Accounting Standards

More documents

Recommendations

Info

24 IFRS 4 ‐ Phase II: Recent Discussions • Unearned premium model ‐ could be used for short duration contracts • Policy holder behavior and contract boundaries ‐ “Look through approach” – i.e. treat cash flows subject to renewal and cancellation as part cash flows • Revenue recognition ‐ link between the revenue recognition project and the insurance contract project is not clear • Field test ‐ aim is to target 15 insurers for field test 24
25 IFRS 4 ‐ Phase II: Current Challenges Policy Acquisition Costs: • Consensus that it should be expensed upfront • More unanswered questions: – Should you allow income recognition upfront to offset expense – Should it be considered in the PV Cashflow – Rights for future annual premiums Revenue Recognition Discussion Paper: • Onerous contracts – Insurance policies fall into this definition • Revenue DP says you determine on a contract by contract basis. FAS 60 currently allows for determination by line of business. • Emphasis on one revenue recognition standard could eliminate Insurance specific standard. Why is insurance any different than other industries 25
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 and 16: 15 IFRS Significant differences bet
Page 17 and 18: 17 IFRS 4 ‐Phase I • Interim St
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: 23 IFRS 4 ‐ Phase II: Recent Disc
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?