Description: Risk adjustment is needed under IFRS 17 to reflect the compensation that a company requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk. Companies are also required to disclose the method and confidence level used for the calculation of the RA. However, IFRS 17 doesn’t specify a method and a confidence level, nor does it provide a list of specific risks that are considered to be non-financial risk. Companies need to define them based on their own preferences or existing practices. This article will introduce available approaches and discuss the confidence level approach with potential consideration stemming from industry preferences and illustrative examples.

Description: The American Academy of Actuaries will present on current initiatives that impact the U.S. statutory reserving methodology for non-variable annuity contracts. In particular, the development of a principle-based reserving framework on non-variable annuity contracts will be discussed, including framework elements, assumptions, and methodology. The session will provide an update on the status of regulatory discussions and the timeline for future changes to reserves. By the end of the session, attendees will understand what changes are being made to non-variable annuity reserves, details underlying existing proposals, and the anticipated timing of such emerging changes. This session is intended to the meet the needs of actuaries focused on annuity reserve calculations, financial reporting, and valuation.

Description: Pension accounting standards continue to evolve across the globe with objectives, methods and assumptions varying, sometimes substantially, from one jurisdiction to the next. The presenters will compare the primary global pension accounting standards (US GAAP and IFRS), review recent developments and address whether or not the current standards adequately serve stakeholders such as plan participants, investors, management and regulators.

Description: This is an update, as of July 2020, on projects in process and those recently completed sponsored by the Financial Reporting Section.

Description: Read the May 2020 issue of The Financial Reporter published by the Financial Reporting Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: These are the 5 product-specific Excel workbooks that amplify the principles that is covers in the International Financial Reporting for Insurers

Description: What do we do now? So many changes in tax and financial reporting are having an impact on smaller insurance companies. What do we need to do and what are our options? Tax and financial reporting specialists discuss what is happening and what they see in the industry.

Description: VM-22 was first introduced into the Valuation Manual in 2018. A number of changes have been made since its introduction, with more expected on the way. This article compares valuation requirements for income annuities pre- and post-VM-22, discusses technical and implementation implications with regards to VM-22 (including comparison with New York Regulation 213), and considers future revisions.

Description: Read the March 2020 issue of The Financial Reporter published by the Financial Reporting Section.

Description: FASB has provided broad guidance for application of long-duration targeted improvements (LDTI) in Actuarial Standards Update 2018-12 for U.S GAAP financial reporting. However, the broad guidance provided leads to several interpretations and technology, data and system implementation challenges. During this session, the presenters will focus on sharing the technology, system and data challenges and insights gathered from their FASB LDTI implementation journey, including lessons learned from collaboration with other discipline areas and stakeholders such as finance, investment and IT. The presenters will also discuss methods to overcome challenges and go beyond compliance.