Beyond Financial Reporting: Assessing the Organizational Impact of the IASB and FASB Proposals for Accounting for Insurance Contracts

January 2011
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Beyond Financial Reporting: Assessing the Organizational Impact of the IASB and FASB Proposals for Accounting for Insurance Contracts

At a glance

Recent proposals on accounting for insurance contracts represent a major change in financial reporting for insurance companies. However, the proposals' potential impact extends far beyond just financial reporting. Insurers will need to examine their organization's capabilities, related efforts and projected timeframes to create a framework for management to integrate this proposed comprehensive measurement approach into their respective organizations, as well as to assess the potential impacts on their systems, processes and people.

Recent proposals on accounting for insurance contracts represent a major change in financial reporting for insurance companies. However, the proposals' potential impact extends far beyond just financial reporting. Insurers will need to examine their organization's capabilities, related efforts and projected timeframes to create a framework for management to integrate this proposed comprehensive measurement approach into their respective organizations, as well as to assess the potential impacts on their systems, processes and people.