Description: This panel discussion, which occurred at the May 1982 Society of Actuaries meeting in Colorado Springs, presented a discussion on developments related to Generally Accepted Accounting Principles- GAAP. The discussion included: FASB reformulation of audit guide, treatment of single premium deferred annuities, problems of applying GAAP principles to Universal Life, and a discussion of papers titled: a. A Policy-Year Model for GAAP Valuation of Coinsurance and Modified Coinsuranee, by David N. Becker and Michael V. Eckman and, b. GAAP for Nonguaranteed Premium Life Insurance, by Kriss Cloninger III.

Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 The session provides a brief overview of a variety of financial reporting topics, most of which were discussed in more detail in the subsequent sessions. The overview included topical issues as follows: • National Association of Insurance Commissioners NAIC Life and Health Actuarial Task Force developments and directions • Other NAIC/regulatory development • American Academy of Actuaries AAA/Actuarial Standards Board ASB developments • Financial Accounting Standards Board/Security Exchange Commission FASB/SEC and Generally Accepted Accounting Principles GAAP developments • Tax developments • Reinsurance development • Gramm-Leach-Bliley Financial Modernization Act

Description: Discussion of GAAP accounting for post employment benefits and FAS 106.

Description: This paper, chapter IV of the 1987 Valuation Actuary Handbook, presents a discussion and comparison of different financial reporting bases, including statutory, GAAP, modified GAAP for internal management purposes, tax, and appraisals. The author discusses the different audiences for financial information and which reporting bases are important to which audiences. The author also discusses the relationship between the valuation process and both the financial management and pricing processes, and the importance of the actuary’s responsibilities.

Description: This literature guide provides the user with a summary of representative sources of current general knowledge for continuing education purposes.

Description: Panelists discuss the types of information that management needs, the ability of GAAP to meet these needs, and some modifications that might make GAAP more meaningful to management. Includes discussion about the advantages and the shortcomings of GAAP, what practices are followed by Canadian companies, and the differences between stock and mutual companies. From the 1987 Record of Society of Actuaries, Vol. 13, No. 3.

Description: Introduction to the purposes and roles of “Lifric”, an acronym for the American Academy of Actuaries working group, Life Financial Reporting Committee

Description: From a teaching session at the 2001 Valuation Actuary Symposium, held in Lake Buena Vista, Florida, November 29-30, 2001 Discussion of the actuarial aspects, methods, and considerations of reporting under FAS 60, FAS 97, and FAS 115. Examples and financial statement case studies are included.

Description: Presented at May 1996 Spring Meeting. Panelists share experiences and discuss alternative approaches to various implementation issues related to mutual company GAAP conversions.

Description: This paper was prepared in order to set down some of the approaches which might be followed in carrying out the mandate to apply GAAP to stock life insurance companies. Followed by discussion papers submitted by 2 authors