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.