Update on the FASB’s Insurance Contracts Joint Project

During 2008 the Financial Accounting Standards Board (FASB) decided to work jointly with the International Accounting Standards Board (IASB) to develop a “more globally comparable standard” on the measurement and disclosures for insurance contracts across all industries.

The FASB Board recently arrived at a tentative decision about the scope of the project that will have an impact on companies that are not insurance entities, but that issue contracts such as certain guarantees, indemnifications, and extended warranty or product maintenance contracts.

Learn more about the current status of this project in the latest MHM Messenger from Mayer Hoffman McCann.

%d bloggers like this: