Description: Implementation of GAAP Targeted Improvements will impact data, reporting, resourcing and governance. This provides an ideal opportunity to rethink some of the data and reporting processes currently in place and how they can be improved to create effective and scalable solutions for the future. With the transition date already behind us for public companies and preparation in motion, we will share insights into how organizations have started to tackle implementing the GAAP Targeted Improvements. The presenters will share insights on data and process challenges and possible solutions, as well as a 'smart compliance' approach to comply with the most valuable aspects of compliance. Resourcing strategies for successful implementation will also be discussed.

Description: This session from the 2005 SOA Spring Meeting discusses SOP 03-1, DAC on internal replacements and Sarbanes-Oxley - SOX Section 404. From the Record of the Society of Actuaries, Vol. 31, No. 1. Session 70F

Description: Participants [panelists and audience] discuss the lessons learned from implementation of the AICPA’s Statement of Position [SOP] 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts, in particular: reserves for guaranteed minimum death and annuitization benefits on variable annuities, implications for DAC amortization, accounting for sales inducements, application to universal life contracts, and variations in practice. Session 17OF of the 2005 Valuation Actuary Symposium.

Description: 1999 Valuation Actuary Symposium, Los Angeles. This session provided a brief overview of a variety of financial reporting topics most of which were discussed in more detail at later sessions. Topics included: 1. NAIC Life and Health Actuarial Task Force developments and directions. 2. XXX Implementation Status. 3. New annuity valuation tables. 4. Statutory codification project. 5. AAA developments, including practice notes. 6. Unified Valuation Systems. 7. FASB and SEC developments. 8. Recent tax developments.

Description: This forum presents the latest developments at the FASB, AICPA, NAIC, SEC, and Actuarial Standards Board ASB including the actuarial opinion memorandum 'AOM' and the standard valuation law. From the Record of the Society of Acturaries, Vol. 21, No. 2.

Description: 1993 SOA Spring Meeting, Boston. This session is about SFAS 97 which is fundamentally focused on the gross profit stream of products like universal life and deferred annuities. Topics included: 1. Assumption setting with view to tracking and verification. 2. Level of detail and differentiation between products and cells. 3. Timing issues - model versus financial reporting. 4. Unlocking.

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: Discusses: [1] the effects of Financial Accounting Standard No. 97 [FAS 97] on recoverability and loss-recognition issues, [2] interest-crediting strategy, ways and means of maintaining the planned interest spread, the effects of the various strategies on lapse experience, and the ultimate effect on recoverability of the deferred acquisition costs, and [3] premium-deficiency testing and the modification of interest, mortality, and expense margins to satisfy the question of loss recognition, or lack of the ability to recover the remaining deferred asset. From the 1988 Record of Society of Actuaries, Vol. 14, No. 3.

Description: Presented at June 1986 Spring Meeting. This session discussion is about current developments in the United States and Canada, wording of opinions and certificates from accounting firms and Financial Accounting Standards Board 'FASB' draft on interest-sensitive products.