In this podcast Rob Frasca and Henry Siegel will discuss the basics of the International Accounting Standards Board (IASB) and International Financial Reporting Standards (IFRS), such as what is the IASB and what are they responsible for. Also discussed are where the IFRS are required and their status in the United States and which standards are applicable to insurance companies. Rob and Henry will then begin a discussion on the basics of IFRS 4, such as why is it necessary and why is there so much discussion about it. How does it relate to US GAAP? And finally they will cover where it stands right now and the expected timeline for a final standard.