And despite vigorous opposition from UK insurers, the committee will propose the introduction of discounting - the method by which insurers' future liabilities are accounted for at current values. In August, a City General Commissioners tax tribunal ruled the Inland Revenue should not be allowed to introduce discounting for members of the Lloyd's insurance market. This would have increased companies' reported earnings and driven up tax charges. The Revenue has already informed Lloyd's of its dissatisfaction at the ruling. 'Insurance accounting is different between countries, as well as from one company to the next, and there is little understanding by users of the figures anyway. We are trying to develop an international standard and bring national standards in at the same time,' said IASC senior research manager Peter Clark. The Accounting Standards Board has no plans to introduce a national standard but has backed IASC efforts to reform insurance accounting. Technical director Allan Cook said: 'Insurance accounting has been a mess for years and accountants have a hard time getting to grips with it.'
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