FASB Issues Discussion Paper on Insurance Contracts

Published on: 20 Sep 2010

As part of its joint project with the IASB, the FASB issued a discussion paper (DP) last Friday soliciting input on a recently issued IASB exposure draft (ED). According to the FASB’s news release, the ED proposes:

[An] international financial reporting standard that would apply to all insurance contracts written by both insurance companies and noninsurance companies. The FASB Discussion Paper asks stakeholders to provide input about the following:

  • Whether the IASB’s proposal would be a sufficient improvement to U.S. GAAP to justify the cost of change;
  • Whether the project goals of improvement, convergence, and simplification would be more effectively achieved by making targeted improvements to existing U.S. GAAP (rather than issuing comprehensive new guidance); and
  • Certain critical accounting issues for which the preliminary views of the FASB differ from the IASB’s ED.

The news release and the DP are available on the FASB’s Web site.

Watch for an upcoming Deloitte Heads Up newsletter on the DP.

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