Financial Accounting Standard (FAS) No. 108 on Islamic Insurance which has been effectively applied since 1st January 2010 has received so many responses from related companies. Generally, they have not prepared for the standard.  This is because it needs many efforts on the implementation; for example, the separation of funds between shareholders and clients. The method used is the study of the Gray approach, analysis of the interview results and analysis of non-parametric approach to look at the significance of differences in the conditions of each country of study Gray. This research analyzes some factors on implementing the standard that may have problems. However, the previous standard did not specify in detail for clients’ funds, reserve and income statement. In the case of Islamic insurance, tabarru or premium earned must be able to cover probable claims, this is the basic difference between Islamic and conventional one. Thus, it is quite difficult to be applied. Gray and Islamic approach method describes on these issues and responds.