|
Description :
|
The IFRS Foundation’s SME Implementation Group, which assists the IASB in supporting the implementation of the IFRS for SMEs, published on 14 April 2011 the draft Q&A Captive insurance subsidiaries for public comment.
The draft Q&A Captive Insurance Subsidiaries considers whether a captive insurance entity is publicly accountable and whether a group of entities containing captive insurance subsidiaries is publicly accountable for the purposes of preparing consolidated financial statements. The draft Q&A response specifies that a captive insurance entity is not publicly accountable when the insurance company is insuring the risks of a single entity or the risks of entities within the same group of entities that are related to the captive insurance company only. On the other hand, if a captive insurance company also sells insurance directly to other parties such as associates, joint ventures and unrelated third parties, the captive insurance entity will be publicly accountable if the other parties constitute a broad group of outsiders.
On 21 April 2011, EFRAG issued its draft comment letter in response to the draft Q&A, and on 15 June 2011 it submitted its comment letter to the SMEIG.
|
|
|
|
|
|
|
Working groups :
|
EFRAG Technical Expert Group (EFRAG TEG) -
SME Working Group (SME WG) -
|
|
|
Current Project Status :
|
Final Comment Letter
|
|
|
|
Efrag Output
Comment Letters
No 'Comment Letters'
Other Input
No 'Other Input'
News Items
|
