We support a comprehensive standard on insurance contracts
We have published our comment letter on the IASB Exposure Draft ED/2013/7 ‘Insurance Contracts’. We remain fully supportive of the objectives that the Board is attempting to fulfil in this phase of the insurance contract project and believe a comprehensive standard on accounting for insurance contracts will be of great benefit to investors and will improve financial reporting given the lack of an IFRS in this area. Whilst we encourage the IASB and FASB to focus on on differences in their views during redeliberations of their respective exposure drafts on this topic, we recommend that this should not detract from the IASB’s objective of finalising a standard in the near term. We also have a number of concerns about specific aspects of the proposals.