While efforts to reform and converge accounting standards predate the financial crisis, they have taken on a new urgency in recent months.
Accordingly, many associations that represent industries that will be impacted by new regulations are lobbying to help craft the new rules. The Financial Instruments Reporting and Convergence Alliance (FIRCA) includes associations representing the banking and insurance industries, including the American Council of Life Insurers, Property Casualty Insurance Association of America and, most recently, the Group of North American Insurance Enterprises (GNAIE).
“The drive to revise accounting standards for financial instruments is gaining fresh momentum both in the United States and internationally,” says GNAIE executive chairman Jerry de St. Paer. “These developments make it essential for the insurance industry and other affected businesses to provide input, assistance and perspective to U.S. and international standard setters that will enable them to develop high quality, robust standards. Our new coalition will help attain those goals”
De St. Paer says FIRCA members will provide input to standard setters at both the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
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