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Regulation - Standards - CEA welcomes first draft IASB rules.
(From Reinsurance)
The Comite Europeen des Assurances (CEA) has issued a cautious welcome to the draft regulations proposed by the International Accounting Standards Board (IASB) but has stressed that important issues remain outstanding and need to be addressed.
In October 2003 the CEA submitted its comments on the proposals for Phase I of the insurance contract project. It added that it was concerned the proposals might require significant modifications before it was known what the final Phase II model and system requirements would be.
As a result, in November and December 2003 the CEA discussed what it found worrying with the IASB, which has taken some of the issues into account. The IASB has deleted the part of ED5 which proposed that insurers should disclose the fair value of their insurance assets and liabilities.
The CEA had objected to this on the grounds that there is no common interpretation of the "fair value" concept for insurance contracts.
The CEA also felt that the proposed accounting treatment of reinsurance by insurers within Phase I would have introduced piecemeal ...
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