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International Intrigue
Like It or Not, U.S. Insurers Will Feel International Accounting Standards, Including Fair Value
By William Boyd, CPA
It's those foreign entanglements again, and this time it's not about oil or religion. Those who make the rules for U.S. and foreign accounting have gotten together to make the world more uniform, and the consequences will eventually affect every species of business that goes to the public markets for capital - and some that don't, including mutual insurers. The underlying force for international accounting standards is that capital flows globally, and investors in Frankfurt or Tokyo ought to be able to read financial statements of a business domiciled in the United States. If they're investing, let's say, a billion or two (Euros, Yen, or whatever), those investors want to be able to read the financial story and status of their prospective investee precisely, with all ground rules understood. That's often not the case today, when intricate translations are often necessary for understanding foreign entities' financial statements.
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