International Accounting Standards (EX) Working Group
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Executive (EX) Committee Task Forces and Working Groups Summary Report
Fall 2009 Meeting Summaries Index

The International Accounting Standards (EX) Working Group met Sept. 22, 2009.

During this meeting, the Working Group:

• Received updates on International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) decisions in the last quarter relating to the Insurance Contracts Project, the Financial Instruments Replacement Project, the exposure draft on fair value measurement, and the activities of the Financial Crisis Advisory Group and the International Association of Insurance Supervisors’ (IAIS) Insurance Contracts Subcommittee. As a result of these updates, the chair encouraged the Working Group to provide input to the IAIS Insurance Contracts Subcommittee on the forthcoming exposure draft on insurance contracts and the future further exposure drafts on financial instruments.

• Recommended that its parent task force consider adding a charge to the group for 2010 as follows: “Coordinate responses to the FASB on joint projects with the Statutory Accounting Principles (E) Working Group” in order that responses to the IASB through the IAIS process and NAIC responses direct to the FASB on joint projects do not unnecessarily diverge.