Description: The Financial Accounting Standards Board FASB and the International Accounting Standards Board IASB issued “The Norwalk Agreement” in October 2002, a memorandum of understanding that reaffirmed their commitment to develop a single set of high quality accounting standards. At that meeting the two standard setters agreed to place a high priority on three steps toward achieving that goal.

Description: This article discusses international proposals for accounting reform that would establish a global common measurement approach for the large majority of life insurance and annuity products.

Description: Panelists at this session of the 2000 Valuation Actuary Symposium discuss recent developments in the area of fair-value financial reporting including recent FASB developments, international accounting standards, and different approaches to valuing liabilities.

Description: This article discusses actuarial support for an international accounting regime designed to meet the dual objectives of: • Generating a realistic view of operations focusing on expected future cash flows, reflecting the duty of management to add value for shareholders and to protect the interests of policyholders. • Demonstrating the adequacy of supporting capital to cover the risks associated with the business. From: The Actuary, January 2000, volume 34, issue 1.