New Global Accounting Standard Could Cost U.S. Life Insurers More Than $1 Billion

The U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board are working towards a new unified standard which could cost U.S. life insurers more than $1 billion in implantation costs and related expenses according to the American Council of Life Insurers.

As reported by Business Wire and detailed in the June edition of Best’s Review by A.M. Best, the proposed merger of the two accounting standards has U.S. insurers very concerned.

The potential implementation expenses “include the costs of reconfiguring the chart of accounts, the closing process, retraining staff and purchasing new accounting systems” according to the Business Wire article.

The June Best’s Review also discusses how changing regulations are impacting insurers in the U.S. and abroad.

1 comment:

  1. This will surely help people how need it the most. Thanks.