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Unlocking the vagaries of insurance accounting*

The move to International Financial Reporting Standards (IFRS) around the world will dramatically alter the way insurers present their business and how they are measured byanalysts, investors and other key stakeholders.

The complexity of accounting for insurance contracts compelled the International Accounting Standards Board (IASB) to take a two-phase approach to develop a thorough IFRS for such contracts. The second step of this approach could break new ground in several key areas and affect a number of other IFRS projects, including revenue recognition and the classification of instruments as debt or equity.

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