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Moody’s: Concerns Delay Accounting-Standards Proposals

Proposed changes to insurance-contract accounting standards are running into delays amid vocal opposition, but whatever final conclusions ultimately emerge, they are unlikely to have a broad impact on credit ratings since new rules, by themselves, do not alter the economic position of an entity, according to Moody’s.

By Phil Gusman | Updated on August 04, 2011

Proposed changes to insurance-contract accounting standards are running into delays amid vocal opposition, but whatever final conclusions ultimately emerge, they are unlikely to have a broad impact on credit ratings since new rules, by themselves, do not alter the economic position of an entity, according to Moody’s.

The joint-accounting project between the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) drew support from Moody’s earlier in the year. The rating agency said at the time that it believes “investors are well served by efforts to develop a single set of high-quality accounting standards for insurance contracts.”

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