Press releases

Deloitte comments on the US Financial Accounting Standards Board (FASB) vote to take a new course on insurance contracts

24 February 2014

Francesco Nagari, Deloitte global IFRS insurance lead partner, said:

“The FASB’s decision to significantly reduce its plans on changing US insurance accounting standards was not unexpected. It is now clear that both the FASB and the International Accounting Standards Board (IASB) will be moving in different directions on this important chapter of their rulebooks. This scenario could have repercussions on global insurance participants. There has been a strong demand across numerous stakeholders for converged global guidance between the FASB and IASB. Unfortunately, the prospect of this in the near future is a remote possibility. Insurance accounting standards are now moving towards a polarised situation with a different accounting model under US GAAP facing the markets adopting IFRS and leaving investors to develop a potentially complex reconciliation in between.”

                                               End

Notes to editors

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited.

"The FASB’s decision to significantly reduce its plans on changing US insurance accounting standards was not unexpected. It is now clear that both the FASB and the International Accounting Standards Board (IASB) will be moving in different directions on this important chapter of their rulebooks"-Francesco Nagari, Deloitte global IFRS insurance lead partner

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