The U.S. Securities and Exchange Commission has included a discussion of international insurance regulatory efforts in a new final financial report rule.
The final rule, which appears today in the Federal Register, permits foreign companies to file financial statements prepared according to International Financial Reporting Standards with the SEC without reconciling the statements with U.S. Generally Accepted Accounting Principles.
SEC officials note in the preamble to the final rule that the International Accounting Standards Board, London, is still working on fleshing out international rules for accounting for insurance and reinsurance contracts.
“Accounting for insurance contracts was the area most frequently cited by commenters as lacking complete standards,” SEC officials write in the preamble.