Description: Speaker works through a detailed example of GAAP analysis and reporting for a universal life product. Session 40TS of the 2005 Valuation Actuary Symposium.

Description: Discussion of the sensitivity of GAAP reserves to certain assumptions made and methodologies used. Followed by a discussion paper

Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 The session provides a brief overview of a variety of financial reporting topics, most of which were discussed in more detail in the subsequent sessions. The overview included topical issues as follows: • National Association of Insurance Commissioners NAIC Life and Health Actuarial Task Force developments and directions • Other NAIC/regulatory development • American Academy of Actuaries AAA/Actuarial Standards Board ASB developments • Financial Accounting Standards Board/Security Exchange Commission FASB/SEC and Generally Accepted Accounting Principles GAAP developments • Tax developments • Reinsurance development • Gramm-Leach-Bliley Financial Modernization Act

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

Description: This paper argues by means of a mathematical demonstration that: 1. Natural reserves are not appropriate for adjusting earnings of mutual life insurance companies under GAAP. 2. Adjusted earnings developed by using statutory net level premium reserves together with a nonadmitted asset equal to the present value of unamortized variable acquisition expenses, and, if material, possibly with the reserves for terminal dividends, should bc accepted under GAAP, provided that dividend scales are suitably designed. 3. Other approaches which are essentially equivalent to that in bullet #2, such as those involving historical asset share funds, should likewise be acceptable.

Description: Presented at May 1986 Spring Meeting. This session discussion is about need for internal management reporting on a GAAP-like basis in mutual companies, difficulties in adapting stock GAAP accounting to traditional, participating product lines, need for consistency with pricing/dividend practices, and alternative accounting models - a review of theoretical work and computer modelling of several accounting alternatives.

Description: Presenters discuss: [1] market-value accounting, [2] accounting for mortgage-backed securities [MBSs] and collateralized mortgage obligations [CMOs], [3] the emergence of earnings under FAS 60 and FAS 97 products, and [4] effectively communicating financial results to management. Session 10 of the 1992 Valuation Actuary Symposium.

Description: US GAAP for Life Insurers chapter 14 spreadsheet showing a DAC and shadow DAC calculation with shareholder equity adjustment. Please see the book US GAAP for Life Insurers for further details on US GAAP accounting.

Description: This report summarizes the results of a research project undertaken by the Society of Actuaries to study the possible effects of the International Accounting Standards Board’s IASB Discussion Paper describing its Preliminary Views on Insurance Contracts on nine representative U.S. life, health and annuity products.

Description: Presented at April 1985 Spring Meeting. This session discussed different accounting alternatives for products such as Universal Life, deferred annuities, variable products.