The International Accounting Standards Board publishes two exposure drafts (www.iasb.org.uk).
The other ED, Insurance Contracts, proposes guidance for insurance companies required to comply with international financial reporting standards (IFRS) in 2005. Accounting for insurance contracts varies throughout the world and often is inconsistent with accounting practices for other industries. The ED therefore introduces improved disclosures for such contracts and modest improvements to recognition and measurement practices. Comments are due October 31.
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|Publication:||Journal of Accountancy|
|Date:||Oct 1, 2003|
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