Description: IFRS 17 and US GAAP LDTI represent the biggest accounting changes for life insurers in decades and both become effective starting January 1, 2023. While many are familiar with the forthcoming changes under either IFRS 17 or LDTI, users of financial statements will need to be able to translate between the two accounting models (or at minimum, understand both models) when reviewing the financials of multi-national insurers. Learn about earnings expectations under both accounting models and compare and contrast product features performance, measurement requirements (including key policy decisions), and financial statement presentation under IFRS 17 and LDTI for traditional life insurance products. Explore illustrative examples as well as anecdotes from first-hand implementation experience to solidify the key themes and insights. By attending the session, you will:•Understand the impacted components of the financial statement for both IFRS 17 and LDTI as well as be able to translate between the two different presentations.•Describe the key methodology differences between IFRS 17 and LDTI and how those differences will impact earnings.•Describe the advantages and disadvantages of accounting for an insurance product under IFRS 17 versus LDTI.•Describe expected earnings impacts for traditional life products under both IFRS 17 and LDTI.

Description: Reunite with members and non-members in the China actuarial community to discuss recent topics and related issues in areas such as macroeconomic sharing, IFRS 17, product strategy, cross-border communication and discussion, and more. Advance your career through learning and networking opportunities, and share your experiences in the finance and insurance industries, as well as other fields related to actuarial science.

Description: Discusses reasons for recent extensive industry changes in premium rates and expected trends, merits of different types of federal income tax treatment in financial statements, and discussion of merits of proposed state regulations regarding classification and allocation of income and expenses.

Description: Read the February 2017 issue of Taxing Times published by the The Taxation Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: The December 2013 issue of the Financial Reporting Section’s newsletter, The Financial Reporter.

Description: Read the September 2017 issue of The Financial Reporter published by the Financial Reporting Section.

Description: Read the July 2020 issue of The Financial Reporter published by the Financial Reporting Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Presentations and discussions at Symposium on Adjusted Earnings in 1971. Discusses: 1. The differences between insurance industry accounting and accounting for other types of businesses, and the need to adequately communicate the reasons for these differences to the accounting profession 2. Background on problem of reported earnings - diminishment of focus on the balance sheet 3. Uses and objectives of financial statements 4. Philosophy of matching costs and revenues in GAAP reporting 5. Responses to the AICPA draft of an audit guide for life insurance companies 6. Deferred tax considerations

Description: This discussion looks at the advantages to an inclusion of a temporary war clause in all policies, factors affecting premiums for females, the SOA's stance on accident and health research, and the proposed new form of U.S. annual statements.

Description: In May of 2001 the Credit Insurance Experience Committee was asked to respond to the National Association of Insurance Commissioner’s request to the Society of Actuaries to develop a recommendation for a uniform national valuation standard for credit life insurance policy reserves. This document contains the recommendation along with supporting material.