FASB proposal seeks more consistency for insurance accounting standards

06/28/2013 | Journal of Accountancy online · Reuters

A proposal by the Financial Accounting Standards Board would make changes to the financial-reporting standard for insurance contracts. The proposal is an attempt to bring consistency to generally accepted accounting practices, which have evolved over the years as new products entered the market. Among the changes to GAAP are that the proposed rules would require contracts that transfer significant insurance risk to be accounted for as insurance, and would limit measurement models to two.

View Full Article in:

Journal of Accountancy online · Reuters