FASB's Contract Reporting Decision Draws Praise From NAMIC

Law360, New York (February 19, 2014, 6:56 PM EST) -- The National Association of Mutual Insurance Cos. on Wednesday praised the Financial Accounting Standards Board's decision not to change financial reporting of insurance contracts, which the industry group had argued would create unnecessary challenges and costs.

The FASB, a private organization that establishes financial accounting and reporting standards in the U.S., had been working on a so-called convergence effort with the International Accounting Standards Board on insurance contracts, NAMIC said, but at a Wednesday meeting the board instead decided to retain existing generally accepted accounting principles...
To view the full article, register now.