Fair Value Accounting for Property/ Casualty Insurers

Topics:
Financial Statements,
Insurance
Tags:
Accounting,
Finance,
Financial Services,
Operational Accounting,
Towers Perrin
Source:
Towers Perrin

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Overview: The two accounting standard bodies (IASB and FASB) announced an agreement to collaborate on a new insurance accounting standard. Since both bodies have invested considerably in the conceptual development of fair value, it is likely that the standard will be based on the fair value approach to measuring financial assets and liabilities, i.e., valuing assets and liabilities at their current market values. Much of the fair value debate has had a technical focus on how to place fair values on liabilities for which no market values exist. While the technical issues are important, the real driver should be improving transparency for users of financial statements.

(Is this item miscategorized? Does it need more tags? Let us know.)

Format: PDF | Size: 28KB | Date: Feb 2004 | Pages: 1

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