Description: 1999 SOA Annual Meeting, San Francisco. The panelists reviewed emerging proposals for reporting liabilities at fair value. Topics covered: 1. The Fair-Value Symposium in March 1999. 2. The measures and objectives of fair-value reporting. 3. The implication for the income statement and balance sheet. 4. The alternatives to fair-value reporting, such as embedded value. 5. The impact on asset/liability management. 6. The status of deliberations at the Financial Accounting Standards Board and the AICPA.