Survey: Canada and U.S. life industry expected to adopt accounting standard.A significant majority--81%--of North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. life insurance company chief financial officers believe that the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada will join with Europe in adopting a global accounting standard for insurance within the next 10 years, according to the latest CFO See Chief Financial Officer. survey by the Tillinghast business of Towers Perrin. However, only about one-quarter of respondents believe it will happen within the next five years. Opinion is split on whether fair value will be the chosen standard. The Tillinghast Life Insurance CFO Survey found that the trend has companies interested in developments surrounding the adoption of a Phase I International Accounting Standard by the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community . Nearly two-thirds of respondents believe fair value is highly or somewhat likely to become the accepted insurance industry standard in their country, regardless of whether a global standard is adopted. All other respondents expect the accepted standard to include some aspects of fair value. "The IAS See iPlanet Application Server. 1. (computer) IAS - The first modern computer. It had main registers, processing circuits, information paths within the central processing unit, and used Von Neumann's fetch-execute cycle. has set a precedent that we expect other countries to adopt, but the specific methodology and time frame for that activity is uncertain," said Jack Gibson, managing principal for Tillinghast's North American life insurance and financial services practice, in a statement. "Fair value will likely prevail as the accepted standard to some degree in the insurance industry going forward, but no one expects it anytime soon." |
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