Industry wary of direction on FASB insurance contracts
December 10, 2013 by Elizabeth Festa
Some investors and insurers are concerned that the Federal Reserve Board may be backing the wrong horse in insurance contract accounting standards while others representing U.S. and global interests are worried about fast-tracking convergence of these standards in pursuit of global capital standards.
And you thought something called FASB Topic 834 would be boring.
The issue concerns the Financial Accounting Standards Board’s (FASB) proposed accounting for insurance contracts — FASB Topic 834 — which says that insurers should carry insurance liabilities at fair value, with all up-to-date market information included in their valuation. Click here to read…