ASBJ submits a paper “Insurance Contracts: Use of OCI for Presentation of Unearned Profits” for the March 2015 ASAF meeting
26 February 2015
The IASB has continued its redeliberation on the project of insurance contracts, after it received comments to the revised Exposure Draft Insurance Contracts published in 2013.
In order to contribute to the IASB’s ongoing deliberation, the ASBJ submitted a paper titled, Insurance Contracts: Use of OCI for Presentation of Unearned Profits for the discussion of the ASAF meeting to be held in March 2015. In this paper, the ASBJ proposes that the contractual service margin be presented as accumulated other comprehensive income (AOCI) as opposed to being presented in the liability section of the statement of financial position.