Insurance Accounting Newsletter - March 2014
The start of the joint deliberations process is marked by the FASB decision to set a narrower course for the US insurance accounting project.
The beginning of 2014 was expected to start the final stage of the deliberation process of the IASB and FASB to consider the comments received on their respective proposals published in June 2013 and to produce a new IFRS and a new US GAAP pronouncement (an Accounting Standard Update or ASU). The IASB and FASB met in January to consider their respective Staff summaries of the feedback received from users of financial statements and outreach activities. No decisions were required from the two Boards during the meeting. The discussions highlighted key areas of concerns raised by the respondents in the IASB’s 2013 Exposure Draft (2013 ED) for consideration by the Board during their re-deliberations in 2014.
Our Insurance Accounting Newsletter series summarises the debates as well as tentative decisions taken by the Boards, up to and including February 2014.