The Financial Accounting Standards Board issued a proposal to improve the accounting for financial guarantee insurance contracts.The proposal, “Accounting and Reporting by Insurance Enterprises: An Interpretation of FASB Statement No. 60,” is aimed at reducing diversity in accounting treatment and providing financial statement users with clearer, more comparable information and expanded disclosures. The proposal has also been written in a new format intended to improve its understandability.
Format changes from previous statements include the use of bold text at the beginning of each section to convey the accounting principle for that section and the inclusion of examples in the body of the standard to illustrate the proposed accounting guidance for certain paragraphs.
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