Revamped Site Offers Info on Accounting Standards for Insurers
"An important part of the GNAIE mission is to communicate effectively with insurers worldwide, as well as the U.S. and international accounting standards community," said Richard Carbone, chairman of GNAIE, who is CFO of Prudential Financial Inc. The new site is a big part of that effort, he said.
GNAIE, which is made up of the CFOs of 11 top insurance companies, comments on accounting standard proposals and tries to increase communication between insurers and the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) in the U.S.
The GNAIE website now features a beefed-up news section, offering updates on developments in insurance accounting and international convergence. For example, the site contains news on development of an international accounting standard for life insurance which was jointly produced with the leading life insurance companies in Japan and outlined in, "An International Accounting Standard for Life Insurance."
The redesigned site includes sections for research projects, standards issues, public comments to various standard-setters and text from public presentations. A members-only section includes a calendar, a standards-setter update and a section that lists the new information added to the site.