FASB Releases FAS 163, Financial Guarantee Insurance Contracts
May 23, 2008

On May 23, 2008, the Financial Accounting Standards Board (FASB) issued FAS 163, Accounting for Financial Guarantee Insurance Contracts. The new standard clarifies how FAS 60, Accounting and Reporting by Insurance Enterprises, applies to financial guarantee insurance contracts issued by insurance enterprises, including the recognition and measurement of premium revenue and claim liabilities. It also requires expanded disclosures about financial guarantee insurance contracts. See also FASB’s press release.

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KPMG