Description: From a session at the 2002 Valuation Actuary Symposium, held in Lake Buena Vista, Florida, September 19–20, 2002 This open forum addresses current issues of interest to actuaries in the application of U.S. GAAP. Topics discussed include demutualization issues, draft standards of practice regarding nontraditional long-duration contracts, guaranteed minimum death benefits/living benefits, sales inducements, separate accounts, business combinations and FAS 141/142 and policy conversions and exchanges. Discussion included theoretical and practical aspects.