The Financial Accounting Standards Board said it is looking for suggestions on whether it should pursue a project on accounting for insurance contracts, and whether it should team up with the International Accounting Standards Board, which has been working on a similar project.
If they decide to collaborate, the two organizations would try to develop a common standard to address recognition, measurement, presentation and disclosure requirements for insurance contracts.
The project would provide accounting and reporting guidance for both issuers and holders of insurance contracts.
FASB is looking to receive comments on the proposal by November 16. The board wants to know if it should use IASB's work as a jumping-off point and whether the project should include accounting by insurance policyholders.
