Description: Update on FASB's tentative decision to require fair value for many variable annuity and variable life guarantees

Description: Update of FASB's tentative decisions on revising the accounting for long-duration insurance contracts, now that decisions on measurement are substantively complete.

Description: Discusses some of the financial implications of the recently issued IASB Discussion Paper on Insurance Contracts which presents the preliminary view that GAAP insurance liabilities should be valued at current exit value.

Description: Full version of The Financial Reporter, Issue No. 67, December 2006.

Description: Feature article discussing the possibility of written options being an asset.

Description: Feature article discussing the IASB’s and FASB’s introduction of the use of other comprehensive income (OCI) to report certain changes in the value of insurance contracts.

Description: Full version of The Financial Reporter, Issue No. 71, December 2007.

Description: Discussion of FASB's recent activity on relevant projects other than insurance contracts, particularly financial instruments, fair value disclosures and goodwill impairment.

Description: Discussion of FASB's June 2018 meeting on accounting for targeted improvements for long-duration insurance contracts and summary of the decisions to date

Description: The NAIC is working with state insurance departments to replace the existing rules-based valuation laws with principle-based valuation laws. On the GAAP front, both the International Accounting Standards Board, which sets GAAP accounting guidance for many countries outside the United States, and the Financial Accounting Standards Board, which promulgates GAAP guidance in the United States, are moving toward a “current estimate” standard of valuation, which often results in a fair value or similar measurement basis. This article reviews the IASB’s discussion paper on insurance valuation and the American Academy of Actuaries’ response to it.