IASB insurance paper delayed again

The second phase of work for an international financial reporting standard (IFRS) on insurance contracts has been delayed again. A discussion paper, which would be the first output from the International Accounting Standards Board regarding phase two of the project, had been due in March but the IASB said this has now been set back to mid-May. It is not the first time that the discussion paper has been delayed and if it meets the new May target it will be almost a year and a half off the original publication date at the end of 2005.