Description: This presentation is a panel discussion, session number 2PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelists introduce major life and annuity statutory and GAAP valuation issues, which are covered in depth at subsequent sessions. There is also a brief update on activities of the International Accounting Standards Board [IASB]. Statutory topics include the draft National Association of Insurance Commissioners [NAIC] Actuarial Guideline MMMM for variable products with guaranteed living benefits, amendments to the Actuarial Opinion and Memorandum Regulation [AOMR], Regulation XXX mortality factors, and codification update, potential changes to the Standard Valuation Law, risk-based capital, and adoption of the 2001 CSO Mortality Table for valuation. GAAP topics include Statement of Financial Reporting Standards [SFAS] 133, 141, and 142, and two draft AICPA Statements of Position [SOP], one on nontraditional, long-duration products and another on internal replacements. Discussion from participants is included.

Description: This presentation is a Teaching Session, number 39TS, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The instructors discuss identification and measurement of intangible assets including value of in-force policies, or value of business acquired [VOBA], and goodwill impairment testing. Historical perspective is provided, including the original purchase GAAP [PGAAP] guidance, the diversity in practice among companies, and controversy and disagreements between auditors and actuaries. This continues with the efforts of the Emerging Issues Task Force [EITF] 92-9, the Securities and Exchange Commission [SEC] and its views on pooling, the Financial Accounting Standards Board [FASB] business combinations project, and the recent issuance by the FASB of FAS 141 and 142. The presentation includes experience from a real world application. Discussion from participants is included.

Description: This session from the 1984 SOA Toronto Meeting discusses GAAP Accounting Alternatives For New Products including SPDA's, Universal Life, fixed premium variable life, review of the Audit Guide and the recoginition of premium revenue and variable universal life. From Record of the Society of Actuaries Vol. 10, No. 4B

Description: This article describes that some companies are ‘approaching the problem of how to accommodate Universal Life in GAAP statements by using a simple method which produces not unreasonable results and waiting for consensus on appropriate methodology to develop. This describes so of the methodology currently in use.

Description: Article discussing upcoming developments regarding GAAP: 1.replacement of existing US GAAP with IFRS, 2. accounting for insurance contracts, 3. revenue recognition, and 4. revising the accounting for financial instruments

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.

Description: The panelists discuss recent GAAP development and practical problems in implementing and maintaining GAAP systems under various FAS accounting models. From a session at a meeting of the Society of Actuaries held in San Diego, CA, June 22-23, 2000

Description: This paper highlights the impact on shareholder equity and AOCI due to the introduction of LDTI during a period of falling interest rates. The paper is intended to provide an example of an analysis that will help actuaries explain the interaction of LDTI and falling interest rates.

Description: AICPA Non-Traditional Long- Durations Contracts Task Force—A Status Report by Thomas Campbell from The Financial Reporter, May 1999, Issue No. 39. by Thomas Campbell

Description: This session from the 1995 SOA New York City Meeting presents GAAP for mutual life insurance companies including the implications of FASB issued Financial Interpretation 40, GAAP issues for mutuals, DAC, dividends and FAS 120. From the Record of the Society of Actuaries, Vol. 21. No. 2.