NU Online News Service, August 10, 2004, 12 p. m. EST
Most chief financial officers of North American insurers think the U.S. and Canada eventually will embrace an international accounting standard for insurance firms.[@@]
In a survey by the Tillinghast business of Towers Perrin, Stamford, Conn., 81% of CFOs said they think that the U.S. and Canada will join Europe in adopting a common accounting standard for insurance within the next 10 years.
But only 28% think global standards will be adopted in the next 5 years. And opinion was split on whether fair value would be the chosen standard, Tillinghast found.