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Insurance Accounting Newsletter — Issue 7, August 2009

Published on: 28 Aug 2009

This edition is titled Filing for divorce?

Great expectations hung on the outcomes of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) meetings in July. The two Boards met on 23 July 2009 to agree on a single measurement basis for the accounting of insurance contracts. However, two significant differences of opinion emerged and there is a risk now that convergence between IFRS and US GAAP could be more difficult.

Unless the two Boards reach an agreement on these differences of opinion in the next Joint Board Meeting on 26 – 28 October 2009, it is likely that each Board will publish an exposure draft containing its selected approach, asking respondents to indicate their preference.

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