IASB/FASB Insurance Contracts accounting update

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By Henny Verheugen, William C. Hines | 31 December 2012
The International Accounting Standards Board (IASB) and U.S.-based Financial Accounting Standards Board (FASB) are working diligently to conclude the insurance contracts project. Deadlines have shifted, and both boards currently project that the next version of their respective exposure drafts will be released in the summer of 2013. The differences in the views of the boards on some key issues continue to persist. At this time, it appears that each board will issue its own unique document, due to these differing views and a lack of movement by the SEC regarding IFRS adoption for domestic companies.