Description: This article will focus on introducing where IFRS17 differs from US GAAP conceptually, and key aspects of this paradigm shift from actuaries’ perspective.

Description: Report of findings for Society of Actuaries research project on the financial reporting for insurance contracts under possible future international accounting standards. This project studies the modeling of Certain Life and Health Insurance and Annuity Products Offered by U.S. and Other Insurers for the Purpose of Measurement of Liabilities under the International Accounting Standards Board’s Exposure Draft on Insurance Contracts and U.S. GAAP

Description: This is the version of the SOA’s research report that appeared in the July 2008 issue of the Actuarial Practice Forum. This report presents modeling results of the possible impact of the IASB’s preliminary views of accounting for insurance contract liabilities on certain U.S. Life, health and annuity insurance products. This report presents comparisons of selected U.S. GAAP values to corresponding values of the proposed International Financial Reporting Standard IFRS results.

Description: This report presents modeling results of the possible impact of the IASB’s preliminary views of accounting for insurance contract liabilities on certain U.S. Life, health and annuity insurance products. This report presents comparisons of selected U.S. GAAP values to corresponding values of the proposed International Financial Reporting Standard IFRS results.

Description: Provides an overview of SFAS 60, 91, 97, and 120 and the importance of U.S. GAAP for Asian insurance companies with a country by country analysis.

Description: This report summarizes the results of a research project undertaken by the Society of Actuaries to study the possible effects of the International Accounting Standards Board’s IASB Discussion Paper describing its Preliminary Views on Insurance Contracts on nine representative U.S. life, health and annuity products.

Description: Discusses the top concerns of U.S. insurers regarding the recent IASB Exposure Draft entitled Insurance Contracts and the FASB Exposure Draft entitled Preliminary Views on Insurance Contracts.

Description: In 2007 the International Accounting Standards Board IASB released a discussion paper proposing a new accounting model for insurance contracts, known as the current exit value model. One aspect of the proposed accounting model is that claim liabilities would need to include explicit margins satisfying certain criteria. Currently it is common for U.S. medical insurers to include explicit margins in their claim liabilities. However, we demonstrate that the margin approach most commonly used today by U.S. medical insurers does not satisfy the objectives articulated in the IASB discussion paper regarding the role of margins. We then propose a new formula for including explicit margins in U.S. medical insurance claim liabilities in a manner that is more compatible with the principles articulated in the IASB discussion paper. Finally, we illustrate our proposed claim liability formula using an example drawn from real-life data.

Description: Article discussing how U.S. insurance company financial reporting will undergo an unprecedented level of change within the next several years, including a convergence of US GAAP with international accounting standards. Communication to the public issues are emphasized

Description: The September 2014 Issue of the Financial Reporting Section's newsletter, The Financial Reporter