The release by the IASB in June of an exposure draft is making the prospect of a new accounting standard for insurance contracts appear likely in the not-too-distant future. Actuaries and accountants who had long taken a “wait and see” attitude to insurance accounting under IFRS are now taking notice of the potential implications of a new standard. Separately, the Financial Reporting Section of the SOA has sponsored research into the potential implications of revised IFRS accounting standards on insurance products.