Description: This session from the 2003 SOA Orlando Meeting covers an update on IASB developments related to international accounting standards for insurance, fair value versus other measures, recognition of profits or losses at issue and balance sheet versus income statement focus for financial reporting. From the Record of the Society of Actuaries, Volume 29, No. 3.

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: From session 43TS at the Spring regional meeting of the Society of Actuaries held in Atlanta, Georgia, May 24-25, 1999 Presenters discuss the growing pressure, due to the globalization of commerce and industry, for a uniform set of worldwide accounting standards, and the form that these standard are likely to take.

Description: Panelists consider the future environment of the valuation actuary in the U.S., the current environment in Canada and elsewhere, and the likely future methods of determining financial solvency in the U.S. From the 1988 Record of Society of Actuaries, Vol. 14, No. 4A.

Description: The International Accounting Standards Board IASB is working to finalize reporting standards for insurance and investment products. Companies domiciled in European Union countries will be required to report financial statements under International Accounting Standards IAS in the near future. From Session 9PD of the 2004 Boston Valuation Actuary Symposium.

Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 The session provides a brief overview of a variety of financial reporting topics, most of which were discussed in more detail in the subsequent sessions. The overview included topical issues as follows: • National Association of Insurance Commissioners NAIC Life and Health Actuarial Task Force developments and directions • Other NAIC/regulatory development • American Academy of Actuaries AAA/Actuarial Standards Board ASB developments • Financial Accounting Standards Board/Security Exchange Commission FASB/SEC and Generally Accepted Accounting Principles GAAP developments • Tax developments • Reinsurance development • Gramm-Leach-Bliley Financial Modernization Act

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: The paper explores developments through 2006 in the application of market-consistent concepts to the measurement of fair values of liabilities for financial reporting purposes. A set of criteria is presented that should be useful in the evaluation of proposed fair value measurement approaches where inputs based on prices observed in an active market with reliable transaction prices are not available. Based on these criteria, one approach is examined that might serve as a basis for the fair value measurement of the liability of life insurance contracts and other financial instruments issued by insurers.

Description: This presentation is an open forum, session 58OF, from the 2004 Spring Meeting of the Society of Actuaries, held June 14-15 in San Antonio, TX. The panelists present both theoretical and practical perspectives of the role of assumed asset returns and credit spreads in determining the fair value of policyholder liabilities. They cover financial economics, how other financial service companies value liabilities, what factors go into determining an appropriate discount rate for insurance liabilities, and issues currently being debated by the International Accounting Standards Board [IASB], and the Financial Accounting Standards Board [FASB]. Discussion from participants is included. From the Record of Society of Actuaries, Volume 30, No. 2.

Description: This presentation is a panel discussion, session number 33PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelists provide an update of the 2002 progress made by the International Accounting Standards Board [IASB] in moving to a type of fair-value reporting as presented in the IASB’s draft statement of position on insurance accounting. The panelists then present arguments supporting and opposing fair-value reporting, including comparison with U.S. GAAP accounting. Discussion from participants is included.