As the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) work to reconcile accounting standards, a group of insurance trade associations is expressing concerns that upcoming discussions of the insurance contracts will not address certain critical, yet controversial issues.
In a January 31 letter to the chairs of the two Boards, the associations said that a staff proposal prepared for the February 2 Joint IASB/FASB meeting effectively prohibits significant discussions of issues raised in the comment process following publication of IASB's Exposure Draft (ED) and the FASB's Discussion Paper (DP). Specifically, insurers are objecting to the way the proposed rules would have them classify, measure and report financial assets and liabilities, charging the update fails to simplify existing accounting standards for financial instruments and hedging activities, and does not provide useful information to investors in insurance companies.
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