There is strong industry support for a proposed international model to standardize how insurers' financial transactions are accounted for on their balance sheets, according to a study of formal comment letters by a consulting firm.
New York-based Ernst & Young said it reached that conclusion after a study of 94 of 162 comment letters, many running up to 50 pages, that were submitted to the London-based International Accounting Standards Board (IASB) that put forward the model in a discussion paper.
In a report released today, Ernst & Young found that, overall, the insurance industry and its constituents' comments solidly backed a high-quality global insurance standard, with many referring to it as much needed. There were some differences of opinion on how the standard should be drafted and implemented, often depending on geography, regulatory environment or industry sector.
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