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IASB-MASB Discussion Forum on IASB ED on Insurance Contracts

8 October 2010
IASB-MASB Discussion Forum on IASB ED on Insurance Contracts

The MASB and the IASB hosted a discussion forum on IASB’s recent proposal on insurance contracts. Wayne Upton, IASB Director of International Activities, with more than two decades of experience in the insurance industry, provided the presentation to the participants.

On 30 July 2010, the IASB published for public comment an exposure draft of improvements to the accounting for insurance contracts. The ED proposes a single International Financial Reporting Standard (IFRS) that all insurers, in all jurisdictions, could apply to all contract types on a consistent basis.

The Forum was attended mainly by representatives from Life Insurance Association of Malaysia, Malaysia Takaful Association, General Insurance Association of Malaysia, Association of Banks in Malaysia, professional firms, regulators and other public listed companies.

MASB was represented by Ken Pushpanathan, MASB member and project chairman of the working group on insurance, Angie Wong, project manager of the working group, Tan Bee Leng and several board members.