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August 03, 2007 at 12:58 PM
The Financial Accounting Standards Board is asking for suggestions about how it should go about creating new accounting rules for insurance contracts.
If FASB, Norwalk, Conn., decides to work on an insurance policy accounting project, either alone or with the International Accounting Standards Board, London, “its objective would be to develop a common, high-quality standard that would address recognition, measurement, presentation and disclosure requirements for insurance contacts,” FASB officials say.
“The project would provide accounting and reporting guidance for both the issuer and the holder of an insurance contract,” officials say.
FASB wants to hear from makers and users of financial reports to find out whether they think there is a need for the project and whether they think FASB should handle the project alone or with the IASB, officials say.
