IASB moves towards finalizing Phase I rules

Last month’s board meeting in London saw the International Accounting Standards Board (IASB) make further progress in tightening requirements for Phase I of its insurance contracts project. The board is working towards the setting of an International Accounting Standard (IAS) for insurance and has split the work into two – Phase I covering changes which can be implemented fairly easily before 2005 and Phase II which is the full IAS standard. Wayne Upton, research director at the IASB, said the full standard was unlikely to come into force until 2006 or 2007.