The development of an international standard for the accounting of insurance contracts is a challenging project. The goal of this standard is to accomplish high transparency and decision usefulness for participants in the capital markets. The paper gives an overview on the actual development status of this accounting standard for insurance contracts. Beyond a description of the actual status, possible consequences and problems for the business model of insurance companies are elaborated. Furthermore, the article gives an outlook on phase II of the insurance project and outlines the possible relationship between IFRS and the Solvency II project.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.