United States

New on the Horizon: Insurance Contracts -- A New World for Insurance

Aug 05, 2013
From the Financial Reporting View and the IFRS Institute

KPMG's ISG recently published New on the Horizon: Insurance Contracts - A New World for Insurance, which analyzes the IASB and FASB Exposure Drafts about accounting for insurance contracts, including identifying (1) differences between the IASB and FASB's positions and (2) some of the effects that the proposals would have on all entities that issue insurance contracts. The proposals would change the accounting and financial reporting for insurance and reinsurance contracts issued and reinsurance contracts held regardless of the type of entity that issues or holds the contract. The FASB proposal would change U.S. GAAP for insurance contracts, which generally applies to insurance companies only and not to other entities that issue similar contracts (e.g., some financial guarantee contracts).

Read KPMG ISG's New on the Horizon: Insurance Contracts -- A New World for Insurance