In this video, Anthony Champi provides an overview of Generally Accepted Accounting Principles (GAAP), explaining its importance in creating company financial statements and disclosures. He discusses how GAAP promotes consistency and comparability across different companies, making it easier for investors, creditors, and others to evaluate financials. The video also contrasts GAAP with statutory reporting, highlighting the benefits of GAAP's enterprise-level focus. Finally, Anthony touches on the application of GAAP in the actuarial field, particularly in valuing liabilities for insurance companies.
Contributors: Anthony Champi FSA, MAAA; Heather Smith, FSA, MAAA; Shirly Wu, FSA, MAAA; Jon Forster ASA, MAAA