Financial Reporting Section
This webcast is the fourth in a series of webcasts on U.S. GAAP reporting sponsored by the Financial Reporting section, and will cover the Financial Accounting Standards Board's (FASB) Targeted Improvements to U.S. GAAP for long duration insurance contracts.
On Sept. 29, 2016, the FASB issued a proposed Accounting Standards Update intended to improve financial reporting for insurance companies that issue long-duration contracts, such as life insurance and annuities. The FASB's objective is to improve, simplify, and enhance the financial reporting of long-duration contracts, thus providing financial statement users with more useful information about the amount, timing, and uncertainty of cash flows related to those contracts. This webcast will provide an update on regulatory adoption, including a summary of comments the FASB received, potential areas of redeliberation by the FASB, and how this could impact the adoption timeline.
The webcast will also summarize the targeted improvements contained within the September 2016 exposure draft, discuss differences with current U.S. GAAP, examine the potential impact to financials, and discuss what companies can do now to prepare for the transition. Some of the topics covered include new unlocking methodologies, DAC and amortization methodologies, impact on recoverability and loss recognition, new required 10K and 10Q footnote disclosures (e.g. rollforwards), aggregation levels and cohorts, transition challenges, differences from current GAAP, and challenges with par contracts. Attend this webcast to stay up to date with these important changes coming to U.S. GAAP.
The next webcast in the series will be devoted to GAAP Assumptions.
How the live webcast works and what it includes
You do not need any special equipment. On July 17, 2017, before 2:00 p.m. ET you will be sent detailed webcast instructions via email including the Web address for accessing the presentation. Any handouts that are available will also be sent. You will follow along with both the slide presentation and the audio portion of the broadcast over the Internet. The registration fee includes:
The registration fee includes:
- One access code to the live webcast;
- One Internet connection;
- One phone connection (to be used only if experiencing sound issues or if in a conference room with a group);
- One set of presentation materials; and
- Access to the subsequent webcast recording.
Please note that each access code may only be used for one location , even if you register for more than one participant.
Post-Webcast Purchase Opportunity
For those who are interested in SOA webcasts but are unable to participate in the live event, access to an archived recording of the webcast will be available for purchase approximately 10 business days following the event by using the following link .