A coalition of insurance companies issued a release today expressing serious concerns about the possible impact on insurers of changes to the Available for Sale (AFS) classification of investments proposed by the International Accounting Standards Board and the Financial Accounting Standards Board (FASB).
The Group of North American Insurance Enterprises (GNAIE) told IASB chair Sir David Tweedie that “severe ramifications” could result for insurance companies should AFS be changed in a manner that would harm their ability to present an accurate representation of an insurance company’s financial condition or performance.
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