The development of accounting for insurance contracts has been underway for many years. The first stage in the process was IFRS 4, designed to achieve a greater consistency in reporting for insurance. The exposure draft takes the reporting further down that process. Using a building blocks approach to reporting, the exposure draft requires clear identification of the drivers of performance for those entities providing insurance contracts. The course also examines the challenges that will be created from IFRS 9 being effective a number of years before the effective date of the new insurance accounting standard. These challenges will be driven by the approach to measuring the financial assets and the financial liabilities associated with insurance contracts.