Description: The latest draft ORSA Guidance Manual was released on Oct. 14, 2011. An overview of the requirements from a qualitative, quantitative and governance perspective was provided in the December edition of the Financial Reporter. Several trade associations and com- panies commented on the draft.

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: This dialogue discusses the history and purpose of section 811(a) and its historic role in the computation of life insurance company taxable income and, in particular, reserves.

Description: If you’ve been reading my columns for a while, you have no doubt recognized that I tend to be consis- tently optimistic when it comes to the insurance contracts project meeting deadlines. I am constantly disappointed as the International Accounting Standards Board IASB and Financial Accounting Standards Board FASB fail to meet their own deadlines for producing exposure drafts or other papers. But this time is different.

Description: Discussion that reinsurance regulation is driving the amount and hence the cost of capital and hence the ability of reinsurers to price products competitively

Description: Standards for accounting for pension and post-retirement plans around the world are changing. The ultimate goal is a global standard to replace International Accounting Standard 19 IAS 19. The changes in the United States to reflect the global standard fall under their Statements of Financial Accounting Standards SFAS.

Description: Review of modeling of impact of proposed GAAP changes and commentary on preparedness based on company survey.

Description: Discusses the content of the Statement of Financial Accounting Standards 157, Fair Value Measurements and implementation challenges.

Description: Update on accounting and capital/RBC issues subsequent to tax reform.

Description: Feature article discussing the latest changes to International Financial Reporting Standards (IFRS) by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).