U.S. and international insurance regulators are seeking comments on the implementation schedule for the insurance contracts standards they are trying to develop.
The International Accounting Standards Board (IASB), London, released an exposure draft of new insurance contract standards in July. The Financial Accounting Standards Board (FASB), Norwalk, Conn., the body that oversees the U.S. Generally Accepted Accounting Principles, has been trying to update its own insurance contracts standards and deciding whether and how to make the FASB insurance contract accounting rules more like the IASB rules.
IASB and FASB also are working together on many other accounting standards.
The boards both are asking for ideas about how to set the effective dates for the standards, including any insurance contracts standards they implement.
Comments are due Jan. 31, 2011.
IASB officials note that they might coordinate the insurance contracts standards effective date with the effective date for other standards, and that it might apply the insurance contracts standards in a “limited retrospective fashion.”
- Allison Bell