Research for the Second Phase Issues of Its Project on Accounting for Insurance Contracts by IASB

• Main Authors: Yu-Hui Lai, 賴玉惠
• Other Authors: Yan-Ching Tsai
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/43543582202067392366

碩士 === 國立臺灣大學 === 會計學研究所 === 97 === Based on internationalized business management, globalized capital market and complicated financial instruments, insurance contract also faces its various transformation and innovative product. Therefore, traditional insurance accounting, which focuses on governance, has failed to present the economic substance of insurance contracts. Because accounting practices for insurance contracts are diverse, and often differ from practices in other sectors, the International Accounting Standards Committee (IASC) began the project on accounting for insurance contracts in 1997. The International Accounting Standards Board (IASB) was constituted in 2001 as successor to IASC. IASB split the project into two phases so that insurers could implement some aspects in 2005. The Board completed phase Ⅰ in 2004 by issuing IFRS4- Insurance Contracts. The Discussion Paper-Preliminary Views on Insurance Contracts is the first output of phase Ⅱ by IASB in May, 2007. The Board will review the responds to this Discussion Paper and decide whether to modify or confirm its preliminary views before beginning work on an exposure draft for insurance contracts. This paper tries to apply the Discussion Paper and the following IASB board meetings to investigate the direction of future amendment for the insurance project, thus providing preparers of financial statements a better background knowledge and providing references for insurance accounting researchers.