Where angels fear to tread

The November meeting of the IASB was relatively short, but a number of papers discussed subjects which most people regard as already settled, but which in practice could lead to months of discussions. The staff decided at the last minute that the measurement part of the conceptual framework should address transaction costs for completeness. In another paper, staff speculated as to whether the board should redefine materiality. In an interesting discussion on accounting for insurance contracts with participatory features, accountants from major European insurers told the board its proposals in this area would not work, and offered some alternatives.