Description: A Discussion Paper issued by the IASB in May 2007, contains the IASB’s preliminary views on the various recognition and measurement components considered in accounting for insurance contracts and identifies issues that are still under consideration. This article summarized the main proposals in the Paper and emphasizes those issues where the views of the IASB are not uniformly accepted.

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: Update on the IFRS for Insurance Contracts

Description: report on the IAA

Description: Update of IFRS Developments

Description: Developments in IFRS

Description: Report of quarterly IASB Discussions

Description: Article discussing recent developments in financial reporting research by the Section: 3 new PBA projects, stochastic pricing of embedded options, and comparison of results under IFRS and GAAP.

Description: Chairperson’s column discussing the benefits of volunteering for the Financial Reporting Section.

Description: This article includes updates on the IASB, the ACSEP publications for education on IFRS for insurance and the development of model standards - International Standards of Actuarial Practice.