Stephen Cooper, a member of the IASB, presents an update for investors on the IASB’s insurance contracts project with changes that he believes will be beneficial to you.
Steve and the IASB are delivering on their promise to deliver improvements on insurance contracts accounting. There is more work to do, therefore the journey continues.

Key advances discussed in the article are:

• An up-to-date measure of insurance contract liabilities
• Use of asset-based discount rate only where it is relevant
• Profits are recognized as services are delivered
• Recognizing that insurance is no different than any other industry

You can find the full article here.

What are your thoughts on these improvements?

Do you have any recommendations or feedback for Steve?