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Insurance Accounting Newsletter — Issue 12, March 2010

Published on: 19 Mar 2010

This edition is titled Insurance accounting taking shape.

The publication of the long awaited Exposure Draft on insurance accounting is fast approaching, with an expected issued date of May 2010.  In an effort to meet the deadline, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have set up additional joint meeting, one of which took place on 10 February, along with the planned joint meeting which took place on 18 February.

The issue of unbundling was discussed although unfortunately, an agreement between the Boards could not be reached.  Convergence seems to be more likely on the issues of accounting for reinsurance, the presentation of the performance statement and unit-linked and separate accounts contracts.  Our newsletter for this month details the discussions that took place and the tentative decisions reached.  It should be noted that one member of the FASB was absent at the 15 February meeting and therefore, only four FASB members voted.

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