GHOS recently approved changes for more standardized accounting processes
Review finds widespread weaknesses in disclosure that may lead to investor confusion
Canadian insurers are not happy with the proposed changes
Implementation of proposed changes to international accounting standards for insurance contracts requires a longer transition period
New auditing standard would provide additional information to investors
PCAOB worried about the number and significance of deficiencies identified in audits of internal control at public companies
Changes could lead to greater volatility in insurers’ key financial measures
Proposal for loans would cut shareholder’s equity
Industry calling for a realistic assessment of whether June 2011 deadline is achievable
The new international accounting standards will make comparisons more difficult