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Course Details:

Program Name
Archive of June 22 Webcast: IASB/FASB Joint Insurance Contracts Project - Where are we now and what does the future hold?
Program ID
107026
Credits
0
Field of Study
Accounting -- 0 Credits
Price
$0.00
Instructor(s)
None
Description
PwC's Insurance Practice invites you to attend a one and a half hour webcast on the IASB/FASB Joint Insurance Contracts Project - Where are we now and what does the future hold? Webcast agenda • Estimated timeline • Definition of an insurance contract • Measurement approaches for insurance contracts • Acquisition costs • Discount rate • Separation of embedded derivatives, services, and deposit elements • Reinsurance • Use of Other Comprehensive Income (OCI) • Financial statement presentation • Transition and effective date Background In 2008, the FASB joined the IASB in a joint project to develop a common standard on insurance contract accounting covering recognition, measurement, presentation, and disclosure. In 2010, the IASB issued an exposure draft and the FASB issued a discussion paper proposing a new comprehensive accounting model for insurance contracts. During 2011 and continuing into 2012, in response to comments provided by constituents and a desire for convergence, the IASB and FASB boards have been redeliberating significant aspects of the models. It is each board's goal to issue something by the end of 2012. The FASB is expected to issue an exposure draft while the IASB may re-expose or issue a final standard. The proposal may have ramifications for non-insurers as well as insurers. This is due to the fact that it applies to insurance contracts rather than insurance entities, and insurance contracts has a very wide definition. Areas where non-insurers may be impacted include third party warranty contracts (i.e., those issued by other than the manufacturer, dealer or retailer), financial guarantee contracts, and contracts written by captive insurance subsidiaries of non-insurer parents. For a PwC summary of the project redeliberations to date, please visit PwC News and the below pwc.com page: IASB-FASB Insurance Contracts Project update: http://www.pwc.com/us/en/insurance/publications/IASB-FASB-insurance-contracts-project.jhtml
Learning Objectives
None
Prerequisites
None
Advanced Preparation
None
Course Level
Update
Delivery Method
Self-Study
Major Topics
None
Publication/Revision Date
Thursday, July 12, 2012
Expiration
2/28/2013
Enrollment close
Content Partner
PwC Professional Development Program
Sponsor
PwC Professional Development Program
Practice Areas
-