Insurers Continue FASB Fair Value Battle

The Group of North American Insurance Companies is asking the U.S. Financial Accounting Standards Board to rework proposed a fair value accounting disclosure proposal.

The GNAIE, New York, has submitted a comment on efforts by FASB, Norwalk, Conn., to set standards for disclosures involving situations in which “fair values are measured using non-market observable inputs.”

But the FASB should see, when it is trying to align its standards with international standards, whether global agreement on standards really exists, Kevin Spataro, chairman of GNAIE’s Accounting Convergence Committee, writes in the comment letter.