Description: From a teaching session at the 2001 Valuation Actuary Symposium, held in Lake Buena Vista, Florida, November 29-30, 2001 Discussion of the actuarial aspects, methods, and considerations of reporting under FAS 60, FAS 97, and FAS 115. Examples and financial statement case studies are included.

Description: New GAAP accounting rules require different reporting of long-duration liabilities, which include active life reserves for individual disability insurance policies. This session reviews the new GAAP rules and provides practical guidance for disability insurers in the implementation of these requirements.