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Insurance Contracts This Project Deals with the Accounting for Insurance Contracts. as Stated on the Site, “Accounting for Insurance Contracts Does Not Provide Users with the Information They Need to Meaningfully

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Insurance Contracts This project deals with the accounting for insurance contracts. As stated on the site, “accounting for insurance contracts does not provide users with the information they need to meaningfully understand the insurer’s financial position, performance and risk exposure.” Additionally, IFRS does not provide the proper guidance to how insurers should handle certain issues. The main goal of the Insurance Contracts project is to provide a single principle-based standard to account for all types of insurance contracts. Also, because comparability between entities is largely lacking today, the Insurance Contracts project also aims to enhance the comparability of financial reporting between them. The Insurance project is broken down into 2 phases. The first phase coincides with the issuance of ‘IFRS 4 Insurance Contracts,’ which “offered limited improvement in account by insurers and enhanced disclosures on amount, timing and uncertainty of future cash flows from insurance contracts.” Phase 2 will be the issuance of a new Insurance Contracts Standard, which will actually replace IFRS 4 (Insurance Contracts).
Leases
The Leases project deals with the reporting of lease information to investors and analysts. The main goal of the project is to develop a new standard that will establish the guidance for entities to follow on reporting information regarding the amount, timing and uncertainty of cash flows arising from a lease. As stated in the work plan, in order to reach that goal, “a lessee should recognize assets and liabilities from a lease.” Because leasing allows entities to gain access to assets or additional finance without exposing itself to the risks of owning those assets, investors and analysts must have as complete of a picture and understanding of an entity’s leasing activities. The Leases Project will eventually provide the proper guidance for reporting accurate information to those investors in order to create symmetry and accuracy of information in the market (Leases).
Conceptual Framework Conceptual Framework is a work plan that will identify the objectives and concepts for general purpose financial reporting. According to the site, the Conceptual Framework will assist the IASB to develop standards based on concepts, assist preparers to develop consistent accounting policies, and assist in understanding and interpreting those Standards. The main goal that the IASB is working to improve the existing Conceptual Framework is that it will improve the financial reporting for entities by providing a more complete, clear, and updated set of concepts. Currently, important areas exist that are not covered by the conceptual framework, some areas are unclear, and some areas of the existing Conceptual Framework is simply outdated. It is important to note that the Conceptual Framework project is not a Standard and will not override specific Standards. This project has been in progress since 2012 and scheduled to be finalized in 2016 (Conceptual Framework).

Works Cited
"Insurance Contracts." IFRS. Retrieved August 2, 2015, from IFRS Work Plan.
"Leases." IFRS. Retrieved August 2, 2015, from IFRS Work Plan.
"Conceptual Framework." IFRS. Web. 01 June 2015. Retrieved August 2, 2015, from IFRS Work Plan.…...

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