IN JULY 2010, the International Accounting Standards Board (IASB) issued an Exposure Draft (ED) on Phase 2 of International Financial Reporting Standard (IFRS) 4, Insurance Contracts, which detailed several significant changes to the way insurers measure insurance contracts. The ED required them to apply current market assessment when they measure their liabilities. The comment period for the ED ended on Nov. 20, 2010 and the IASB has since conducted re-deliberations and has reached tentative conclusions on key topics.
May 052013