Insurance Europe asks IASB for changes in draft accounting standard

11/4/2013 | Insurance Insight (U.K.)

Insurance Europe, the European insurance and reinsurance federation, has asked the International Accounting Standards Board to make changes to the standard accounting for insurance contracts. Olav Jones, deputy director general of Insurance Europe, said that a "number of critical areas require further development to appropriately reflect the long-term nature and the asset-liability management that are fundamental to insurance business." These include the mandatory application of a fair-value model and "overly complex requirements for the measurement of participating contract liabilities," Insurance Europe says.

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Insurance Insight (U.K.)