A senior credit officer at Moody’s Investors Service has produced a list of some of the differences that remain between U.S. and international negotiators working on an insurance accounting standards project.
Wallace Enman prepared the list for a credit outlook newsletter released by Moody’s, New York, earlier this week.
The Financial Accounting Standards Board (FASB), the group in charge of the U.S. Generally Accepted Accounting Principles (GAAP), and the International Accounting Standards Board (IASB), London, the group in charge of the International Financial Reporting Standards (IFRS), have been working on the insurance standards project for years.
FASB wants to update an existing U.S. standard; IASB is creating a new standard.
The groups are hoping that the U.S. GAAP standard will end up being similar to, or even identical to, the IFRS standard.
The groups were trying to complete work on the insurance standards project by June but now IASB says it may not have its work done until mid-2012.