Description: This article provides illustrations of an approach to presentation of income and expenses that may be applied to long duration contracts, i.e., those that are measured by the building blocks approach for the emerging new standard on insurance contracts.

Description: This is the third in a series of articles about revenue recognition for insurance contracts. The articles address revenue recognition for those contracts that are measured by the building blocks approach under the emerging new standards for insurance that are being developed by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) of the United States.

Description: This presentation, session number 5PD, took place at the 2000 Annual Meeting of the Society of Actuaries, held October 15-18 in Chicago. This session focuses on the Generally Accepted Accounting Principles, ‘GAAP,’ methods and standards of practice applicable to accounting for purchase of a block of business. The panelists discuss working with investment bankers and others, presentation and determination of actuarial opening balance sheet items such as benefits reserves and present value of future profits, actuarial appraisal values, impact of synergies, management initiatives, expense savings, projection of GAAP profits, various accounting issues, and applicable Actuarial Standards of Practice. Discussion from participants is included. From the Record of the Society of Actuaries, Volume 26, No. 3. Possible keywords: VOBA=value of business acquired PGAAP=purchase GAAP accounting Actuarial appraisal

Description: Feature article discussing the changes the International Accounting Standards Board’s new accounting standard will bring.