New Insurance Resource Available on International Financial Reporting
Schaumburg, Ill., March 31, 2020 – The Society of Actuaries (SOA) and its Financial Reporting Section (FRS) announce the launch of the International Financial Reporting for Insurers (IFRI) book. This resource is a collaborative effort between actuaries and accountants to help understand the concepts behind financial reporting under the International Financial Reporting Standards® (IFRS®) issued in May 2017.
The relationship between the actuarial profession and insurance contracts has broadened and deepened over time, especially across international markets. The book notes that “it became increasingly clear to all that actuarial input was essential to ensure both the technical correctness and clarity of the [International Accounting Standards Board’s] final standard.”
Written with a North American audience in mind, the IFRI book offers a comprehensive analysis that focuses on not just the insurance contract but also on accounting for the entire insurance entity. To keep up on the latest developments, the SOA offers the material as an eBook and will include free updates on upcoming amendments. With 400 pages of material plus product-specific workbooks, the eBook’s responsive format means readers can access the material at any time and on any device.
While the book covers complex material, it does so in an accessible format specifically for those in the insurance industry. IFRI kicks off with an introduction of the IASB and insurance contract accounting, followed by an in-depth look at risk management and the classification of insurance contracts. The book includes details on the general model for the measurement of liabilities for insurance contracts as well as models for participating contracts. IFRI examines General Measurement Model and the Premium Allocation Approach as noted by the IASB. It includes material on financial assets and liabilities, fair value measurements, reinsurance contracts, income taxes, contract transfers, and other core areas as part of the financial reporting process.
Learn more about the IFRI book. The SOA appreciates all of the authors who contributed to the book, in addition to the editors, R. Thomas Herget, FSA, CERA, MAAA, and James B. Milholland, FSA, MAAA.
About the Society of Actuaries
With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 31,000 actuaries as members. Through research and education, the SOA's mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk.