The Financial Accounting Standards Board has issued an invitation
to comment to help it decide whether there is a need for a project on
accounting for insurance contracts and whether it should undertake this
project jointly with the International Accounting Standards Board.
If the FASB were to take on this joint project, its objective would
be to develop a common standard that would address recognition,
measurement, presentation and disclosure requirements for insurance
contacts. The project would provide accounting and reporting guidance
for both the issuer and the holder of an insurance contract.
Comments are due by Nov. 16 and can be e-mailed to
director@fasb.org.
For more information, visit http://fasb.org/news/nr080207.shtml.
fair-value outsourcing: 90% of asset managers say they use a
third-party fair-value pricing vendor, an increase from 74 percent in
2006. - Deloitte & Touche USA LLP
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