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Drake to host discussion of new international financial reporting standards

A roundtable discussion of a new set of rules that will affect U.S. insurance companies that do business abroad will be held at Drake University on Monday, Sept. 13.

The discussion will focus on the new International Financial Reporting Standards Contract Exposure Draft.

Sponsored by Drake’s Actuarial Science Program and PricewaterhouseCoopers, the event will run from 9 a.m. to noon in the Cowles Library Reading Room, 2725 University Ave.

Advance registration is required due to limited seating. To register, please contact Meredith Berger at meredith.berger@us.pwc.com or 312-298-3028.

The panel will include representatives of Drake, Principal Financial Group, Aviva USA, the National Association of Insurance Commissioners and PricewaterhouseCoopers.

They will address issues that have arisen since July 30, when (after 13 years of effort), the International Accounting Standards Board (IASB) published an Exposure Draft on the accounting for insurance contracts. If adopted, it would revolutionize the accounting for these contracts.

Over the last two years this IASB project has been jointly deliberated with the Financial Accounting Standards Board (FASB, US). It is expected that near the time of the event at Drake, the FASB will publish a Discussion Paper that incorporates the IASB Exposure Draft, together with a description of the FASB’s current views that differ to some extent from those of the IASB.

This further development may lead to a wholesale change to U.S. Generally Accepted Accounting Principles as these principles relate to insurance companies of all types.