Efforts by the Financial Accounting Standards Board to change accounting for insurance contracts deviate from an established, well-tested and reasonable norm, and essentially amount to a solution in search of a problem, according to comments by ACE Chairman and CEO Evan Greenberg.
Speaking to analysts during ACE's third-quarter conference call, Greenberg, in response to a question on his thoughts regarding FASB's accounting-standards proposal, said, "[W]hen I look at the changes that FASB is suggesting right now, I get the theoretical, but that is divorced from practical reality and what investors really use to judge, and what management really uses to judge, one company to another or the health of a company."
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