FASB - Insurance contracts project 

February 21: The FASB recently decided to change the future direction of the insurance contracts project and to limit the scope to insurance entities (although some non-insurers may be later added back).

The decision on the future direction of the project is likely to lead to further non-convergence with the IASB, while the decision reached on scope will limit which companies would fall under the scope of the insurance contracts project, which is consistent with current U.S. GAAP.


Read a February 2014 report prepared by KPMG LLP: Defining Issues: FASB Changes Direction and Scope of Insurance Project




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