The following is the third in a three-part series of webcasts on the basics of U.S. GAAP, sponsored by the Financial Reporting Section and presented by PolySystems, and highlighting key U.S. GAAP content from the more in-depth full-day reserves seminars jointly sponsored by the Society of Actuaries (SOA) and PolySystems each June.
This webcast reviews basic U.S. GAAP reporting principles for deferred annuities. Differences coming under Accounting Standards Update (ASU) No. 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, will be highlighted.
The three webcasts in the series are as follows:
· U.S. GAAP Basics – Traditional Life Insurance - Wednesday, July 31, 2019
· U. S. GAAP Basics – Universal Life Insurance - Wednesday, August 7, 2019
· U.S. GAAP Basics – Deferred Annuities - Thursday, August 15, 2019
Each webcast in the series features GAAP valuation examples that build upon one another to illustrate the basic application of GAAP reporting principles to sample policies.
Key topics in this webcast on deferred annuities include the following: U.S. GAAP valuation models for deferred annuities, reserves for indexed annuities, development of expected gross profits, reserves for excess benefits and the amortization of DAC and bonus amounts.
Whether you are new to GAAP or looking for a refresher, this webcast will quickly bring you up to speed with the basic principles governing GAAP for traditional life insurance.