Converged Insurance Contracts Standard No Longer Possible

Having come to the realization that a converged insurance contracts standard with the International Accounting Standards Board is not realistic, the Financial Accounting Standards Board will reevaluate how it will proceed on the project, FASB Chairman Leslie Seidman says. Seidman explains that FASB would now take a step back and decide how to proceed. It will decide whether to do targeted improvements to U.S. generally accepted accounting principles or move forward with a more wholesale set of changes that will not end up in a converged standard.