Description: Discussion of potential volatility to non-participating long-duration traditional contract reserves under US GAAP targeted improvements to accounting for long-duration insurance contracts. Discusses the impact of revising assumptions as well as interaction of revising assumptions with changes to discount rates.

Description: Certain fair value measurements involving actuarial work may not have been required to conform to FAS 157 until late 2008 or early 2009. The purpose of this article is to discuss those items and propose possible methods for actuaries to consider when performing the necessary valuations, from an actuarial standpoint only.

Description: Article discusses the measurement objectives being considered by the FASB and IASB joint project to produce a new accounting standard for insurance contracts.

Description: FASB decisions made regarding potential changes to US GAAP accounting that differ from corresponding IASB decisions, causing the potential accounting changes.

Description: Discussion of recent FASB tentative decisions on disclosure and transition for their long-duration insurance contracts accounting project.

Description: Discusses a joint project between the FASB and IASB to update the accounting standards for financial instruments.

Description: The NAIC is working with state insurance departments to replace the existing rules-based valuation laws with principle-based valuation laws. On the GAAP front, both the International Accounting Standards Board, which sets GAAP accounting guidance for many countries outside the United States, and the Financial Accounting Standards Board, which promulgates GAAP guidance in the United States, are moving toward a “current estimate” standard of valuation, which often results in a fair value or similar measurement basis. This article reviews the IASB’s discussion paper on insurance valuation and the American Academy of Actuaries’ response to it.

Description: This article discusses GAAP and IFRS changing standards, their differences and similarities. Issues included are fair value accounting for assets and financial liabilities, hedge accounting, financial instrument discosures and revenue recognition for contracts that do not qualify as insurance contracts.

Description: Update of FASB's tentative decisions on revising the accounting for long-duration insurance contracts, now that decisions on measurement are substantively complete.