IFRS for insurance contracts: Progress to date


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Insurers currently use a variety of different and largely inconsistent local approaches to measure the value of insurance contracts within their statutory financial statements. This diversity makes it difficult to compare companies and may fail to reflect the true economic value of insurance business, which can put insurers at a considerable disadvantage when competing for capital.

Points of debate

In the development of the Exposure Draft and during the subsequent re-deliberation process, a number of fundamental issues were debated at length as the views of the IASB and FASB differed. PwC attended various board meetings and the notes produced describe the areas of debate and differing perspectives:

IASB/FASB Insurance Contracts Projects - decisions to date and PwC observations

Joint FASB/IASB Board Meetings and IASB only meetings

Contact us

Stephen O'Hearn
Global Insurance Leader, PwC Switzerland
Tel: +41 79 792 9299

Alex Bertolotti
Global IFRS Insurance Leader
Tel: +44 (0)20 7213 1253

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