« Fair value » accounting and the insurance business

Gérard de La Martinière and Philippe Trainar

Revue d'Économie Financière, 2003, vol. 71, issue 2, 93-105

Abstract: [eng] Two essential criticisms can be levelled at the existing accounting standards. On the one hand, they vary substantially from one country to another, and the same economic flows can be accounted for at different values according to the experience of national standards authorities. On the other hand, the existing accounting standards are for the most part based on a common model, historical cost, which was formulated at the end of the industrial revolution for closed economies. This nominalist model must clearly be adapted to suit our modern, globalised, service economies. This article looks in turn at the extent to which the objectives of the accounting standard reforms meet the needs of the insurance business, the specific accounting requirements of the sector, whether « fair value » accounting is adapted to these specific requirements and the particular problems raised by the application of IAS standard 39 to the insurance sector. . JEL classifications : G22, M41

Date: 2003
Note: DOI:10.3406/ecofi.2003.4749
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