Ace Ltd. (ACE) Chief Executive Officer Evan Greenberg said the push for new U.S. accounting standards may distract investors from the most useful metrics in gauging insurers’ financial status. “I don’t know whose benefit you’re ultimately serving except a bunch of academics,” Greenberg said today on a conference call. The Financial Accounting Standards Board proposed in June to revise how insurers measure liabilities as part of a push toward a “converged international standard.” Zurich-based Ace operates in more than 50 nations and counts North America as its largest market. “The insurance accounting as it stands today has been around a long time and it’s been tested through all kinds of environments, and it’s reasonable,” Greenberg said. “And I don’t know what kind of problem we’re trying to chase here by making changes.” [Bloomberg]
The February gloom was broken recently by the news that the British government will be introducing reforms targeting company financial reporting and audit oversight. In truth, none of this should be a surprise. There have been several accounting scandals in recent years where the directors of various companies have been unscrupulous and their external auditors […]
I’ve spent a good portion of my career monitoring the accounting and auditing standard-setting world and Big 4 firms. So, I read with great interest the letter to the editor to Going Concern on whether the Big 4’s equity, diversity, and inclusion (EDI) efforts are corporate BS. It made me think about the FASB and […]
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