Description: International Accounting Standards: a discussion of Exposure Draft 5 dealing with specific requirements for insurance companies

Description: Practical Considerations for Implementing the New Statement of Position for Long Duration Contracts and for Separate Accounts –

Description: Full version of THE FINANCIAL REPORTER, May 2004, Issue No. 57

Description: Under non-Aristotelian logic, there are multiple values, or shades of gray. Indeed, there may even be unexpected results from logical combinations, like “both” and “neither.” This article discusses how this insight should be applied to the current debate between formula-driven reserves with limited assumption flexibility and the reserve principles approach. For reserve standards, we do need both actuarial judgment grounded in reserving principles and restrictive formula methods or safe harbors.

Description: After 12 issues over three years, this is my last issue as editor of The Financial Reporter. It has been a very interesting job, with so many issues to address! I have met many bright, good people. I have made some friends. I have seen some articles in print because I saw a need and found a way to meet it. But I have also seen good articles in print when I had no idea that there was even a need! I have experienced the joy of helping bridge the gap between an author’s thoughts and the readers’ minds. I have enjoyed working with the authors, and I have enjoyed the sense that I was partnering with them to improve our financial reporting community. As we see in numerous instances, our fates are intertwined.

Description: Articles appearing recently in other publications that may be of interest to financial reporting actuaries.

Description: Since insurance contract liabilities are uncertain in amount, an estimate is required. And under most accounting frameworks, the estimate of an uncertain amount should contain some sort of margin for uncertainty. This paper provides a mathematical connection between that margin and the market price of risk as measured by the cost of capital. The connection makes use of the theory of utility and an exponential utility curve.

Description: Full version of The Financial Reporter, Issue No. 64, March 2006.

Description: Announcement of the winners of the awards for Financial Reporter OutStanding Treatises - FROSTies - and Financial Reporter Uniquely Memorable Papers - FRUMPies - and what they received.

Description: This article discusses the joint project between the Financial Accounting Standards Board and the International Accounting Standards Board. Their goal is to change the accounting standards for financial instruments. This project will affect the accounting for many of the assets that back insurance contracts.