Comment on reporting for insurance accounting.FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). is seeking comments on the potential bifurcation Bifurcation A term used in finance that refers to a splitting of something into two separate pieces. Notes: Generally, this term is used to refer to the splitting of a security into two separate pieces for the purpose of complex taxation advantages. of insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. contracts into insurance components and financing components. Chief among the board's concerns is the possible lack of transparency in the financial statements of both policyholders and (re)insurance companies relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc finite risk contracts--or contracts that include terms or features that significantly limit the amount of risk transferred. Comments are due Aug. 24. [ILLUSTRATION OMITTED] For more, visit http://fasb.org/news/nr052606.shtml. |
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