Description: Since the issuance of IFRS 17 in 2017, the global insurance accounting standard, insurers across the globe have been making huge investment in assessing the impact and implementing the new standard. In late 2018, FASB issued ASU 2018-12 that revises key elements of the U.S. GAAP measurement models and disclosure requirements for long-duration contracts issued by insurers (also called FASB Targeted Improvements). Both standards are becoming effective 1/1/2021 (though IFRS 17 may potentially be deferred by a year). U.S. insurers that have international parents or subsidiaries, and report under a multi-GAAP environment will likely have to adopt both standards. By now most insurers should have nearly completed impact assessment for IFRS 17, designed road map for or have started the implementation journey. With the new U.S. GAAP requirements becoming effective concurrently, it is important to embark on the implementation journey with both standards in mind, and maximize the synergy to achieve cost-saving and design efficiency. This session will briefly introduce the two standards with a conceptual comparison, along with a discussion on where efficiency and synergy can be achieved in a concurrent implementation.

Description: This article is about mutual life company statements being in conformity with GAAP.

Description: Panelists at this session of the SOA 1995 Vancouver Spring Meeting discuss implementing GAAP for health products with emphasis on differences with life insurance. Current efforts of mutual companies to implement GAAP is also discussed.

Description: In session 51CS of the Maui I Spring Meeting the Panel describes what every actuary should know about mergers and acquisitions in the life and health insurance business. From the Record of the Society of Actuaries, Vol. 24, No. 1.

Description: The panelists at this session of the SOA 2003 Washington, DC Spring Meeting discuss recent GAAP activities including new Standards of Practice for new nontraditional products and internal replacements. Developments at the FASB and SEC are also discussed.

Description: Panelists discuss the following current GAAP issues: [1] internal replacements, [2] purchase accounting [including FAS 141 and 142], [3] emerging accounting issues, and [4] the Statement of Position from the AICPA regarding non-traditional policies and features. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 15OF of the Boston Annual Meeting.

Description: This presentation is an open forum, session number 11OF, from the 2000 Valuation Actuary Symposium, held September 14-15 in Washington, DC. The panelists discuss recent Generally Accepted Accounting Principles [GAAP] developments and practical problems in implementing and maintaining GAAP systems. Topics include recent GAAP pronouncements and American Institute of Certified Public Accountants [AICPA] Insurance Companies Committee developments. Discussion from participants is included.

Description: 1993 SOA Annual Meeting, New York. This session is about FAS 107, FAS 115, RBC and AVR/IMR versus MSVR.

Description: This article is aimed to cover the following: 1) Provides an assessment of income volatility under Long Duration Targeted Improvements (LDTI) for several key types of long duration contracts along with select illustrations, and compares against those under current GAAP, 2) Discuss areas where accounting policies or methodologies can influence income volatility, and 3) Show how a company's management reporting can be adapted to help explain income variances under LDTI.

Description: From a panel discussion session at the Spring regional meeting of the Society of Actuaries held in Atlanta, Georgia, May 24-25, 1999 Panelists discuss problematic aspects of applying GAAP to insurance products, challenges in producing GAAP financials, and various ways in which mutual companies are integrating this new reporting basis into their management process. From the Record of the Society of Actuaries, Vol. 25, No. 1.