Description: This article discusses GAAP and IFRS changing standards, their differences and similarities. Issues included are fair value accounting for assets and financial liabilities, hedge accounting, financial instrument discosures and revenue recognition for contracts that do not qualify as insurance contracts.

Description: The NAIC is working with state insurance departments to replace the existing rules-based valuation laws with principle-based valuation laws. On the GAAP front, both the International Accounting Standards Board, which sets GAAP accounting guidance for many countries outside the United States, and the Financial Accounting Standards Board, which promulgates GAAP guidance in the United States, are moving toward a “current estimate” standard of valuation, which often results in a fair value or similar measurement basis. This article reviews the IASB’s discussion paper on insurance valuation and the American Academy of Actuaries’ response to it.

Description: Article discussing upcoming developments regarding GAAP: 1.replacement of existing US GAAP with IFRS, 2. accounting for insurance contracts, 3. revenue recognition, and 4. revising the accounting for financial instruments

Description: Feature article discussing the IASB’s and FASB’s introduction of the use of other comprehensive income (OCI) to report certain changes in the value of insurance contracts.

Description: Feature article discussing the latest decision by the FASB and IASB in their joint insurance contracts project.

Description: Feature article discussing the isolated impact of changing the discount rate due to FASB changes.

Description: Discussion of recent FASB tentative decisions on disclosure and transition for their long-duration insurance contracts accounting project.