Compliance Week Consults ParenteBeard Partner Kenneth Hugendubler
July 16, 2022

Compliance Week, the leading information service on corporate governance, risk and compliance, consulted ParenteBeard Partner Kenneth Hugendubler, insurance group practice leader, on the Financial Accounting Standard Board (FASB) and International Accounting Standards Board (IASB)’s recent accounting changes.

The proposed standard covers insurance companies and banks that write collateralized debt obligations and may affect companies that issue product guarantees, financial guarantees and similar contracts.

According to Mr. Hugendubler, the standard could create new obligations for self-insured companies. For example, “There are manufacturers who might be self-insured, often in workers’ compensation, hospital and medical liability and pollution.”

A member of the American Institute of Certified Public Accountants’ insurance expert panel and past chair of the Pennsylvania Institute of Certified Public Accountants Insurance Conference Committee, Mr. Hugendubler is an industry expert with over 22 years of experience providing accounting services to insurance clients.

Visit Compliance Week for more on the FASB and IASB proposal and associated changes for insurers.