As work on converging international accounting standards continues, the Group of North American Insurance Enterprises (GNAIE) is questioning a new measurement approach for insurance contracts recommended by the staff of the London-based International Accounting Standards Board (IASB).

GNAIE, an organization representing life and property/casualty insurance and reinsurance companies, expressed disappointment that the IASB recommendation diverged from the contract fulfillment value (CFV) approach favored by the Norwalk, Conn.-based Financial Accounting Standards Board (FASB).

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