In another about face from convergence, the Financial Accounting Standards Board has decided to step back from a joint project with the International Accounting Standards Board on insurance contracts and take a more GAAP-like approach.
FASB determined at a recent meeting that the feedback to its proposal for a new standard on insurance contracts proved too problematic for non-insurance entities that would be affected by the standard. The proposal is focused on providing new accounting not just for insurance companies but for all companies that deal with insurance contracts as defined by the proposal.
