The Financial Reporting e-course introduces you to the basic concepts and terminology that are needed to understand financial statements and regulatory capital requirements. The e-course focuses on financial reporting in Canada and the U.S., along with international standards alignment.
Section 1: Overview
Section 2: The Setting, Conceptual Framework and Fair Value
Section 3: International Financial Reporting Standards
Section 4: Asset Reporting
Section 5: CALM
Section 6: U.S. GAAP Liabilities, DAC and Reinsurance
Section 7: U.S. Statutory Liabilities and AOMR
Section 8: Taxation-U.S. and Canada
Section 9: Regulatory Risk-Based Capital
Section 10: C3 Phase II and Activity and end-of-course test
After you complete this e-course, you should be able to:
- Describe the basic features of a financial reporting conceptual framework.
- Explain the key concepts in determining fair value of assets.
- Define international financial reporting standards.
- Identify general U.S. accounting standards for asset reporting, valuing deferred acquisition cost assets and valuing liabilities.
- Apply the Canadian Asset/Liability Method (CALM) to appropriate value policy liabilities.
- Determine how liabilities are calculated under U.S. statutory reporting.
- Show how insurance companies in the U. S. and Canada are taxed.
- Clarify the objectives and features of regulatory risk-based capital requirements and perform calculations required by C3 Phase II.
- Individuals engaged in the actuarial profession at any level looking to fulfill their CPD requirement.
- Other professionals interested in or impacted by important topics related to the actuarial field.
The following books are referenced in the e-course. While these materials are not required, they're recommended to enhance the e-course learning experience:
- Herget, R.T. and Buck, F. 2006. U.S. GAAP for Life Insurers (Second Edition) . Herget, R.T. and Buck, F.
- Society of Actuaries Current errata.Valuation of Life Insurance Liabilities. Fourth Edition.
- ACTEX Canadian Insurance Taxation (Second Edition) . 2000. PriceWaterhouseCoopers. Butterworths Canada LTD.
- This e-course may be suitable to meet the Basic Requirement provisions of Section B of the SOA CPD requirement.
- This e-course may also be suitable to meet the provisions of an Alternative Compliance standard (please consult the appropriate standard).
- This e-course is for professional development. It's not intended to substitute for any professionalism requirements for the ASA, CERA or FSA credentials. If you wish to register for an e-learning module to attain a designation, please visit the e-learning module Web page .
- Ultimately, it's an actuary's responsibility to make a reasonable, good-faith determination of what continuing education opportunities will enhance his or her ability to practice in a desired field. For more information on continuing education requirements, visit soa.org/CE .