Insurance Accounting Newsletter — Issue 11, February 2010
This edition is titled The road to convergence.
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have started the year in full swing with two intense joint meetings having already taken place in January followed by an important FASB-only meeting that removed another major obstacle on the road to convergence for insurance accounting.
We reported on the first joint meeting in our January issue and this newsletter presents our understanding of the discussions held in the three hour long meeting of 19 January and their outcomes, and the subsequent FASB meeting on 27 January. Although a few issues remain unresolved, the long awaited exposure draft is finally taking shape and it can now be expected in May.
