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: A discussion of some criticisms of the feasibility of companies converting to GAAP, in addition to pros and cons of the GAAP system.

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: 2003 Valuation Actuary Symposium, San Diego, CA. This open forum addressed current issues of interest to actuaries in the application of U.S. GAAP. Topics included: 1. Separate account treatment. 2. Guaranteed minimum death and living benefit reserves. 3. Business combinations. 4. Internal replacements. 5. Derivative accounting.

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: The purpose of this session is to review and discuss the principles and guidelines published and/or under consideration within the accounting and the actuarial professions regarding the restatement of GAAP financial of a life company acquired in a transaction to be accounted for as a purchase transaction under SPB 016. Our purpose is also to review with you some of the specific approaches that have been taken, and the problems that have developed, in implementing purchase-GAAP in practice. From Record of the Society of Actuaries 1979, Volume 5, No. 1.

Description: This 1978 presentation discusses the recommendation made by the Canadian Institute of Chartered Accountants to move to a GAAP basis for reporting for life insurance companies. The primary purposes would be to report earnings on a going concern basis, rather than on a basis dominated by solvency considerations, and to promote improved comparability of reported financial results among companies.

Description: Applying GAAP to GMDBs in Variable Annuities. by Karen Sasveld and David Heavilin from The Financial Reporter, September 2001, Issue No. 47.

Description: This article discusses important implications of the upcoming Long-Duration Targeted Improvements (LDTI) accounting change for the modeling actuary. We discuss the modeling implications of new GAAP standards for Market Risk Benefit (MRB), including identification of MRBs, implementation of fair valuation in actuarial systems and retroactive determination of at-issue valuation inputs for transition. We also examine the modeling implications of the other aspects of the accounting change, including Liability for Future Policy Benefit (LFPB), Deferred Acquisition Cost (DAC), and other transition and disclosure requirements

Description: Describes at a high level an outdated GAAP method for determining deferred tax accounting.