PracticeConsultingASB to persuade insurers on new regime

ASB to persuade insurers on new regime

Accounting standards setters from around Europe and the US look set for a clash with the UK Accounting Standards Board as it pushes for insurers to adopt new proposals that will measure assets and liabilities at fair value.

Link: Insurers to get fair value treatment

Many insurers around the globe are opposed to the International Accounting Standards Board’s attempts to reform the industry’s practice, with concerns that a fair value regime would introduce a great deal of volatility into their financial statements.

The ASB, however, wants to persuade insurers that this course is the correct one, unlike many other national standard setters.

The move by the ASB could well undermine attempts by others to get the IASB’s proposals watered down. The Association of British Insurers and the British Bankers’ Association have also expressed reservations that the IASB’s plans will lead to clashes with legitimate business practices, according to the Financial Times.

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