The International Accounting Standards Board (IASB) wants more industry feedback on its proposals for insurance contracts.

IASB Chairman Hans Hoogervorst says the standard is still being discussed and the board feels there is a need for further input on certain topics.

The original exposure draft was released in July 2010.

“The board decided that, given the substantive nature of the changes made since the original draft and the importance of understanding the operational requirements of its proposals, re-exposure is warranted,” Mr Hoogervorst said. 

“We realised the importance of establishing a workable standard based on current measurement as soon as possible. However, it is of equal importance that we get this standard right.” 

Feedback will be limited to five topics: the requirements for treating participating contracts; presentation of premiums as comprehensive income; unearned profit in a contract; changes in the discount rate used to measure the insurance contract liability; and the approach to transition.

Mr Hoogervorst says limiting comment is “the right decision” and “will enable us to avoid reopening issues which have already been decided”.