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September 19, 2010

FASB issue insurance contracts paper

The Financial Accounting Standards Board (FASB) is seeking comments on proposed improving to the financial reporting for insurance contracts.

The paper is part of a joint project between the FASB and the International Accounting Standards Board (IASB) that aims to develop guidance on recognition, measurement, presentation and disclosure requirements for insurance contracts, including contracts not issued by an insurance entity.

The IASB issued an exposure draft of a proposed IFRS for insurance contracts in June.

The FASB paper asks for input concerning the IASB proposal and how the suggested improvements compare with existing US GAAP.

The FASB and IASB will host a series of public roundtable meetings in December to hear stakeholders’ feedback.  


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