Insurance Accounting Newsletter — Issue 21, June 2011
This edition is entitled Progress continues, divergence remains.
The International Accounting Standards Board (IAS) and the Financial Accounting Standards Board (FASB) resumed their joint deliberations after the April pause for reflection and the announcement that the work on the new accounting standard will continue beyond the end of June 2011.
Several joint meetings were held, as well as the Insurance Working Group (IWG) meeting on 16 May. Several crucial topics were discussed at the various meetings with a number of tentative decisions made, some of which delivered disappointing disagreements between the two Boards. Amongst others, the topics covered included short-term duration contracts, accounting mismatch, unbundling, margins and purchased reinsurance accounting.
