At a mere 230 pages, a new version of the international accounting standards for nonpublic entities may win a big following, sooner or later.
David McCann, CFO.com | US
July 10, 2009
The standard makes it clear that a company that holds assets in a fiduciary capacity does not qualify. It then goes on to lump all insurance companies into a category that generally would not qualify. As a Property & Casualty insurance company, I don't see how we could be considered to hold assets in a fiduciary capacity. Can this standard then be used by privately held P & C insurance companies?
Posted by Stephen Westfield | July 21, 2009 02:52 pm
A very interesting development for the US and Globally. The UK GAAP equivalent for SME's had a very rapid takeup when introduced. Notwithstanding variations in local interpretations and additional local reporting requirements beyond GAAP - this will certainly be an effective teaser to bring global financial reporting in closer sync. Tariq Husain TMF Group www.tmf-group.com
Posted by Tariq Husain | July 15, 2009 11:51 am© CFO Publishing Corporation 2009. All rights reserved.