IFRS for insurers: Other important developments

A number of parallel IASB projects could also affect the eventual requirements within the finalised IFRS for insurance contracts:

• Revenue recognition (affecting when and how revenue is recognised)
• Leases (affecting the boundaries of the contract)

Beyond insurance contracts, there are a number of further IASB projects that will affect the financial statements of insurers:

• Financial instruments measurement (proposed guidance on how to measure fair value)
• Consolidation (affecting whether to consolidate special purpose vehicles such as cell structures, side cars and investment funds)
• Financial Statement presentation
• Financial instruments disclosures
• De-recognition (based on new definition of ‘control’)
• Income taxes