financial reporting – Twenty Third Floor

IASB re-exposing IFRS 4 Phase 2

David Kirk — Tue, 02 Oct 2012 07:35:50 +0000

So, as I expected given the fundamental changes to IFRS 4 in recent months, the IASB is doing the grown-up thing and is re-exposing the latest version of the insurance accounting standard ~~later this year~~ early next year.

They are restricting questions to areas that have changed or where final decisions haven’t been made, which I suppose is also fair enough and ensures focus is on the key new areas.

Re-exposure for a period, analysis of comments, reworking of any sections as a result of those comments… There is still a fair amount of work to be done!

Implementation 2016 / 2017 is most likely.

A post about a post about accounting standards

David Kirk — Fri, 20 Jul 2012 06:42:58 +0000

The IASB and FASB are trying to get their heads around expected loss models for credit provisioning. I’ve seen some of what they’ve suggested over time and they really have had some odd ideas. Maybe this is one area where actuaries really are more comfortable since it’s our daily world.

Anyway, to the point, it looks like their is trouble in paradise.Â The FT Alphaville guys have a post showing the tense discussion between the two recently.

I don’t know what this means for the IFRS4 Phase 2 project and insurance accounting conversion. Well it’s not good anyway.