2009 has seen some very significant progress in the development of an insurance accounting framework. In late 2008, the US based Financial Accounting Standards Board (FASB) joined the "Insurance Project" established by the International Accounting Standards Board (IASB). Both organisations have been working together to establish a reporting standard for insurance companies that may well prove to be the first truly global GAAP for insurance.
Insurance company reporting is currently governed by Phase I IFRS4, a temporary standard pending a fuller Phase II standard. This presentation covers:
The development of IFRS for insurance companies
Recent developments
The converging positions of FASB and IASB that may lead to a joint Exposure Draft in March or April 2010, and a final standard by June 2011
Implications of these IFRS developments for insurance companies.
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