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Update – International Financial Reporting Standards

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In order to keep our members informed on events associated with International Financial Reporting Standards (IFRS), the (e)bulletin will feature periodic updates outlining any recent activity.

Exposure Draft – Insurance Contracts

As you are likely aware, the comment period for the International Accounting Standards Board (IASB) Exposure Draft on Insurance Contracts ended on November 30, 2010. A copy of the CIA’s submission can be found on our website: http://www.actuaries.ca/members/publications/2011/211004e.pdf. The exposure draft itself, along with all comments received by the IASB, can be found on their website as well. A total of 248 comment letters were received.

IASB Meeting

The IASB resumed meetings in January, with the latest one taking place from January 18–21 in London. On January 19, a joint education session of the IASB and FASB was held, discussing the exposure draft in more detail. Different models for determination of the discount rate were presented, including:
  • EDAR (Economic Default Adjusted Rate);
  • Reference Asset Portfolio Rate; and
  • Asset-linked Discount Rate (of which CALM is a version).
Copies of the presentations are available at the IASB website:


If you have questions on any information provided in this article, please contact Chris Fievoli, the CIA’s resident actuary (chris.fievoli@actuaries.ca), who will ensure that your inquiry reaches the appropriate person to respond.


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