By Michael P. Voelker

Although the details still are being worked on and the time line is open for debate, the way Jerry M. de St. Paer sees it, the question for U.S. insurers is not whether there will be convergence between U.S. GAAP and IFRS standards--but when.

"The international movement behind IFRS is tremendously strong," says de St. Paer, executive chairman at the Group of North American Insurance Enterprises. "I believe the U.S. insurance industry is going to sign on to IFRS because to do otherwise would isolate ourselves at a time when competitive advantage is particularly important."

His assessment is shared by Francesco Nagari, who as a partner at Deloitte & Touche in London, has been monitoring the progress of convergence for several years. "I've never seen in my professional life the degree of commitment from all parties involved in this project as high as it is now," he says. "We are in the best condition ever to finish this job."