Phase II insurance IFRS delayed until Q1 2007

The International Accounting Standards Board (IASB) has delayed publication of its discussion paper on Phase II Insurance Contracts to the first quarter of 2007. The paper, which sets out the IASB’s preliminary views before preparing an exposure draft, had been expected to be ready before the end of this year but at the IASB’s October meeting it was revealed that the new target has been set for February or March next year. An exposure draft will follow 18 months after the discussion paper which in turn will be followed by a standard one year later.