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

The International Accounting Standards (EX) Working Group met Dec. 6, 2009. During this meeting, the Working Group:

• Received a “Brief Update on IASB, FASB and IAIS Issues.”
• Received a verbal report from industry representatives on their views regarding International Accounting Standards Board issues.
• Discussed the Exposure Draft on Impairment for financial instruments, where Working Group members questioned the mechanics of the proposed standard, the treatment of acquisition costs in a general purpose accounting framework, and the boundaries of insurance contracts.
• Heard questions from industry regarding the future of statutory accounting, but pointed out that this was not a charge of the Working Group. Nonetheless, these important issues are likely to be considered by the Executive (EX) Committee soon. It was pointed out that the G20 declarations in March 2009 would result in U.S. state regulators being evaluated against the IAIS Insurance Core Principles and the IAIS standards in the future. One such core principle would deal with valuation.