Description: This session will describe best practices for the preparation of the actuarial memorandum that supports the statement of actuarial opinion that is part of a health annual statement and review highlights of the new (2019) practice note on this topic. Presenters will represent different perspectives to discuss the components of an actuarial memorandum and use examples to present best practices and practical application of the information presented in the practice note.

Description: Presenters examine some of the difficulties created by the absence of worldwide generally accepted accounting principles. Topics covered: 1. The need for worldwide Generally Accepted Accounting Principles, accounting, and reserving standards. 2. The work being done by the International Accounting Standards committee and the International Organization of Securities Commissions.

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: This session at the SOA 2004 Annual Meeting covers the status of recent developments in international accounting standards for insurance, including Phase 1 for insurance companies, the IASB's likely direction for Phase 2, related activities of the International Actuarial Association, and company implementation issues.

Description: The discount rate is one of the most critical topics in IFRS 17, which may have important repercussion on product profitability. Having a low discount rate may indicate a low profitability of a group of contracts, while a realistic expectation may differ. A similar issue was prevalent especially for U.S. companies when discount rates were set using a market consistent framework. The session is intended to help develop a discount rate framework that aligns with the business practices and address the concerns around the market consistent framework. This session will cover practical implementation considerations to set and apply IFRS 17 discount rates. The panelists will discuss alternative approaches to allow for a level of illiquidity premium for business supported by fixed assets with credit risks. Discussions will also cover other implementation considerations including granularity of setting the discount rate, application to new business, implications on asset and liability modeling, and a planning aspect for a successful implementation of the discount rate setting process. The panelists will share case studies to illustrate different approaches of setting the discount rate and their potential financial impacts. At the conclusion of the session, attendees will be able to: understand key requirements of setting discount rates under IFRS 17; understand how to align the discount rate to the actual business practices; understand implications of the discount rate in actuarial modeling; understand potential impacts on financial results; and develop a realistic plan to set discount rates appropriate to the business practices.

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.

Description: This session at the SOA 2004 San Antonio Spring Meeting looks at recent developments in international accounting standards for insurance including practical considerations and 'investment contract' accounting.