Less than 20% of chief financial officers consider themselves very knowledgeable about the new GAAP statutory principle-based framework, while 24% say that key personnel within their company know very little about the plans, according to a recent survey.

The report by Towers Watson also shows that although life insurance CFOs know their companies will be subject to GAAP regulations, some have concerns about the new rules — both in terms of the impact on the competitive landscape and their readiness.

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