Insurance Contracts Project

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

The International Accounting Standards Board (IASB) is working alongside the US Financial Accounting Standards Board (FASB) to develop a harmonized IFRS for insurance contracts. You can also read more about FASB and IASB joint projects regarding US GAAP and IFRS convergence

Reference materials

Joint board meeting and education session summary notes


FASB/IASB Joint Board Meetings FASB Board Meetings FASB Education Sessions IASB Board Meetings IASB Education Sessions