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The International Accounting Standards Working Group originated in 2000 to monitor international insurance activity, primarily with the International Accounting Standards Board (IASB) and the International Association of Insurance Supervisors (IAIS) Accounting Subcommittee.
It is the goal of the IASWG to stay abreast of current international issues, keep members informed of international activities, and to provide comments to international standard setters representative of the accounting principles of the NAIC.
The International Accounting Standards Working Group will:
Monitor the developments of the International Accounting Standards Board (IASB) and the International Association of Insurance Supervisors as they relate to insurance accounting issues;
Monitor the IASB and Financial Accounting Standards Board (FASB) joint convergence projects;
Provide the IASB/IAIS with comments on insurance accounting issues and actively provide input to the IAIS Insurance Contracts Subcommittee on its future papers for the IASB on liability measurement;
Coordinate its review and comment on these developments with the International Statutory Accounting Principles Subgroup (ISAP) and the International Insurance Relations (G) Committee; and
Report its findings relative to these developing issues to the Accounting Practices and Procedures (E) Task Force.
This is an ongoing charge.
2007 Charges
The International Accounting Standards Working Group will:
- Monitor the developments of the International Accounting Standards Board (IASB) and the International Association of Insurance Supervisors (IAIS) as they relate to insurance accounting issues;
- Monitor the IASB and Financial Accounting Standards Board (FASB) joint convergence projects;
- Provide the IASB/IAIS with comments on insurance accounting issues and actively provide input to the IAIS Insurance Contracts Subcommittee on its future papers for the IASB on liability measurement;
- Coordinate its review and comment on these developments with the International Statutory Accounting Principles Subgroup (ISAP) and the International Insurance Relations (G) Committee; and;
- Report its findings relative to these developing issues to the Accounting Practices and Procedures (E) Task Force. This is an ongoing charge.
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