Description: This article provides an update of the intense recent activity around the International Accounting Reporting Standards including the release of IFRS 4, the creation of the European Financial institution advisory group, exposure draft guidance for actuaries involved in financial reporting and the Penrose report focusing on the problems of U.K. Equitable Life.

Description: In light of the recent activity around the International Financial Reporting Standards IFRS, this article describes events that have happened in the past month or are imminent.

Description: This presentation is a panel discussion, session number 25PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelists discuss the current status of International Accounting Standards [IAS] or [IFRS] for insurance, including the timetable. The draft statement of principles, which is the current working document expected to form the final basis of an insurance standard going forward, is discussed. Noting that the International Accounting Standards Board [IASB] and the Financial Accounting Standards Board [FASB] are both working towards a fair value framework, the panelists discuss differences that may be expected between financial statements reported under IAS and under U.S. GAAP, and how current issues under discussion at the FASB could narrow or eliminate them over time. The American Academy of Actuaries fair value work and efforts by the International Actuarial Association [IAA] with respect to actuarial standards of practice under IAS are also covered. Discussion from participants is included.

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: Panelists in session 13PD of the 2005 Valuation Actuary Symposium provide a brief overview of the emerging standards for investment and insurance, followed by a more in-depth discussion of key issues and recent developments.