Research Projects – Life Insurance
In late 2010, the Society of Actuaries (SOA) released a report summarizing the results of its study on the financial reporting effect of the International Accounting Standards Board (IASB) exposure draft and the U.S. Financial Accounting Standards Board (FASB) discussion paper to revise the reporting of liabilities for insurance contracts under a future international framework. Since the publication of the
November 2010 report, the SOA extended the project scope to include additional research on the treatment of discounting, expenses and subsequent measurement of margins which was performed by Sam Gutterman and Randy Tillis of PricewaterhouseCoopers. The Society of Actuaries Financial Reporting Section sponsored the study and is pleased to make available a report summarizing the findings.
Research results from the SOA's analysis of IASB's Preliminary Views on this topic is also
Financial Reporting for Insurance Contracts under Possible Future International Accounting Standards
The Financial Reporting Section Council would like to thank the companies that provided modeling assistance and those individuals who served on the Project Oversight Group:
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