IASB faces tight deadline

The first paper on Phase II of the IASB’s insurance project is due in December

The International Accounting Standards Board (IASB) is divided over whether it will be able to publish the long-awaited discussion paper on Phase II IFRS for insurance contracts in December 2006 as promised. IASB staff are upbeat that the remaining issues can be ironed out in time for the IASB to publish its thoughts on the way forward by December but at the organization’s September meeting several Board members said they were uncertain whether the issues could be resolved in time.