In June 2013, the International Accounting Standards Board (IASB) released for comment a revised exposure draft on the accounting for insurance contracts. This brought some significant changes from the previous exposure draft and has received some vocal responses from those in the Canadian insurance industry.
Now that the comment period has ended, we have summarized the key issues we have heard from Canadian insurers, regulators, associations and others impacted by the proposed new standard. Change appears to be inevitable as the IASB continues its push to issue a final standard. How the IASB responds to this latest feedback remains to be seen as it works towards issuing a final standard in 2014 or early 2015.