The International Accounting Standards Board is working to finalize reporting standards for insurance and investment products. Companies domiciled in European Union countries will be required to report financial statements under international accounting standards in the near future. Panelists provide a brief overview of the emerging standards for investment and insurance products, followed by a more in-depth discussion of key issues and recent development:

Panelists discuss:

• Overview of provisions of IAS 32, 39 and IFRS 4, the standards addressing financial instruments and insurance.
• Adoption status
• Prospects for adoption by U.S. Companies
• EU modifications to IAS 39
• Updates on the joint IASB/FASB Conceptual Framework project.
• Convergence of GAAP and international standards

At the conclusion, participants have an understanding of the current status of international accounting standards and how it may affect the financial reporting for insurance and investment products.