Comments on: Global IFRS Adoption http://ozrisk.net/2007/04/20/global-ifrs-adoption/ Risk Management in Australia Tue, 02 Dec 2008 02:27:37 +0000 http://wordpress.org/?v=MU hourly 1 By: Penguin http://ozrisk.net/2007/04/20/global-ifrs-adoption/#comment-6883 Penguin Mon, 23 Apr 2007 10:22:09 +0000 http://ozrisk.net/2007/04/20/global-ifrs-adoption/#comment-6883 IFRS for insurance is still a few years off, which means that US GAAP is sadly still the global standard. And for investment insurance contracts, (managed funds and unit linked insurance policies) IAS 39 also leads to some odd results compared with our old Australian standards - recognition of acquisition expenses and acquisition fees are an example where the various accounting firms can't seem to agree. That said, though, if it ever happens, I will be keen to see the end of US GAAP. Some very counterintuitive things happen to life insurance contracts which aren't US style contracts. IFRS for insurance is still a few years off, which means that US GAAP is sadly still the global standard. And for investment insurance contracts, (managed funds and unit linked insurance policies) IAS 39 also leads to some odd results compared with our old Australian standards - recognition of acquisition expenses and acquisition fees are an example where the various accounting firms can’t seem to agree.

That said, though, if it ever happens, I will be keen to see the end of US GAAP. Some very counterintuitive things happen to life insurance contracts which aren’t US style contracts.

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