Insurance Accounting Newsletter — Issue 18, February 2011
This edition is entitled Gearing up for the last mile.
The five months since our last Insurance Accounting Newsletter mostly coincided with the comment period on the International Accounting Standards Board (IASB) Exposure Draft on the new IFRS for insurance contracts. At the end of this period the IASB received over 250 comment letters from insurance companies, accounting and actuarial firms, insurance and security regulators and several other stakeholders around the world.
In parallel with the IASB comment period, the US Financial Accounting Standards Board (FASB) published the ED under the cover of a FASB Discussion Paper which attracted an additional 74 comment letters from a similarly extensive range of US stakeholders.
The IASB and FASB followed the closure of the comment period with a series of roundtable meetings to talk directly to their constituents and engage them openly on the more salient comments that had been raised in the voluminous feedback received. These roundtables were held in Tokyo (9 December), London (16 December) and Norwalk, US (20 December) with a common agenda focused on six topic which encapsulate the key issues on the raid to the finalisation of the new IFRS and a potentially convergent new US accounting standard.