On June 27, 2013, the Financial Accounting Standards Board (“FASB”) released for public comment a proposed Accounting Standards Update (“ASU”) as part of the joint project between the FASB and the International Accounting Standards Board (“IASB”) to attempt to create a consistent approach for measuring insurance contracts. The IASB issued its second exposure draft (“ED”) on this topic on June 20, 2013. Comments on both proposals are due by October 25, 2013.
Deloitte has just issued a report discussing key elements of the FASB's proposed ASU and containing several appendixes, including one that compares the FASB's proposal with current U.S. GAAP and one that compares the proposal with the IASB's ED.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].