International Accounting Principles for Life and Non-Life Insurance
U.S. and Japanese Insurers Present An International Accounting Standard for Life Insurance to the IASB
Leading U.S. insurance and reinsurance companies and the four largest life insurance companies in Japan have jointly advanced a document setting forth the sixteen basic principles of accounting for life insurance and annuities. Based on the draft principles released in July of 2005, the accounting model recognizes the unique features of insurance contracts and provides bases of conclusion and implementation guidance designed to illuminate the theoretical and practical foundation of the principles and the interaction of the model as a whole. The document was forwarded to the International Accounting Standards Board (IASB) for consideration as the board continues work on phase II of the Insurance Contracts Project.
International Accounting Principles for Non-Life Insurance
The Group of North American Insurance Enterprises (GNAIE) has proposed a set of principles and guidance that would serve as the basis for preparing an international accounting standard for non-life insurance. The 13 principles and guidance are set forth in a new paper, “Extended Principles for Non-Life Insurance,” and will be submitted for consideration by the International Accounting Standards Board (IASB). The IASB is now in the final discussion stages of drafting its discussion paper on accounting for insurance contracts.
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