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.

Description: The Financial Accounting Standards Board FASB, which promulgates accounting standards under US GAAP, and the International Accounting Standards Board IASB, which promulgates accounting standards for many countries outside the United States, have been working for several years on a joint project on accounting for insurance contracts. The boards agree on many aspects of the proposed accounting model. However, as of December 2011, there are a number of key areas where they do not. This article summarizes the boards’ views on the key areas where they disagree.

Description: Research is a primary mission of the Financial Reporting Section and is the largest use of section dues. This scorecard will keep section members informed about research projects sponsored or co-sponsored by the section.

Description: Summarizes the discussions over the past quarter between the IASB and the FASB regarding finalizing IFRS

Description: An update on the status of past, current and future research projects pertaining to the Financial Reporting Section.

Description: At the November meeting of the IASB’s SAC, I raised strong support for the concept of a priority project to accelerate the development of a new conceptual framework for the IASB with emphasis on the role of reliability, the definition of liability, the meaning of probable, the effects of contingencies i.e. contingent probabilities, the unit of account and accounting for contractual rights and obligations. Editor’s note: This is an excerpt from a longer address to the International Accounting Standards Board on guiding principles.

Description: Calls for volunteers to assist SOA with studying the impact of the IASB's issuance of its second of three pronouncements on how insurance contracts should be accounted for general accounting purposes.

Description: Update on IASB developments from January - March 2010.

Description: Article discussing how U.S. insurance company financial reporting will undergo an unprecedented level of change within the next several years, including a convergence of US GAAP with international accounting standards. Communication to the public issues are emphasized

Description: Actuaries are accustomed to considering how much conservatism is appropriate in their estimates, whether made for pricing or for mea- surement of liabilities. In the proposals for a new standard on accounting for insurance contracts, this conservatism is referred to by the International Accounting Standards Board IASB and the Financial Accounting Standard Board FASB of the United States as the risk adjustment.