Insurance accounting - Contention still lingers in latest set of IASB proposals


The latest recommendations from the International Accounting Standards Board (IASB) on insurance reporting could see unrealised future profits recorded on company balance sheets - something that firms are keen to avoid, for fear that projected income could quickly disappear if something unexpected happens.

The IASB issued its latest discussion document on reforming insurance contract accounting - International Financial Reporting Standard (IFRS) 4 - at the beginning of May. The IASB argues that

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