Financial Reporting

Financial Reporting Financial Reporting Life insurance and annuity topics that involve financial reporting, with an emphasis on GAAP and international issues.

Academy Senior Life Fellow Nancy Bennett and Senior Casualty Fellow Jim MacGinnitie presentation to the Financial Stability Oversight Council (FSOC) on regulatory capital requirements for U.S. insurers. (December 11, 2015)
The Financial Reporting Committee, Pension Accounting Committee, Casualty Committee on Property and Liability Financial Reporting, Health Financial Reporting and Solvency Committee, and Life Financial Reporting Committee comments on the Public Company Accounting Oversight Board’s (PCAOB) “The Auditor's Use of the Work of Specialists” consultation paper. (July 15, 2015)
Practice note detailing practices on the purchase method of accounting on VOBA, goodwill and other intangible assets under Generally Accepted Accounting Principles commonly referred to as Purchase GAAP.  Exposed for comment until June 2.
(April 4, 2014)
Casualty, Life, Health, Professionalism, and Financial Reporting Council comments to the NAIC's Corporate Governance Working Group on its Proposed Responses to a Comparative Analysis of Existing U.S. Corporate Governance Requirements. (September 28, 2012)
Life Financial Reporting Committee practice note Optional Retrospective Application of ASU 2010-26 Acquisition Costs. (October 1, 2011)
Financial Reporting Committee practice note on Actuarial Practices Relating to Accounting for Insurance Pursuant to International Financial Reporting Standards. (March 1, 2011)
Financial Reporting Committee and Life Financial Reporting Committee comments to FASB on its Proposed Accounting Standards Update, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities. (September 30, 2010)
Life Financial Reporting Committee and Financial Reporting Committee comments on the FASB on exposure draft, Proposed ASU-Financial Services-Insurance (Topic 944): "Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts." (February 12, 2010)
Life Financial Reporting Committee and Financial Reporting Committee comments to the IASB on its "Exposure Draft, Financial Instruments: Classification and Measurement." (September 14, 2009)
Life Financial Reporting Committee practice note regarding compliance with Financial Accounting Standards (FAS) 157 and 159. (February 1, 2009)
Life Financial Reporting Committee practice note to assist actuaries working for life insurance companies with the calculation of embedded values. (May 1, 2008)
Life Financial Reporting Committee practice note describing some of the common practices that might be considered by actuaries in the United States in the application of the Financial Accounting Standards Board's (FASB) Derivatives Implementation Group Statement 133 Implementation Issue No. 36, Embedded Derivatives: Modified Coinsurance Arrangements and Debt Instruments That Incorporate Credit Risk Exposures That Are Unrelated or Only Partially Related to the Creditworthiness of the Obligor under Those Instruments (DIG B36). DIG B36 addresses the applicability of FAS 133 to many modified coinsurance (Modco) and similar insurance transactions. (February 29, 2008)
Practice note relating to AICPA Statement of Position 05-1 on insurance accounting for deferred acquisition costs in connection with modifications or exchanges of insurance contracts. (October 1, 2007)
Life Financial Reporting Committee comment letter to FASB on accounting for life insurance contracts acquired in a business combination. (April 2, 2007)
Practice note on common practices relating to FASB Statement 133, accounting for derivative instruments and hedging activities, as it relates to variable annuities with guaranteed benefits. (February 1, 2007)
Life Financial Reporting Committee practice note on anticipated common practices relating to AICPA Statement of Position 03-1: accounting and reporting by insurance enterprises for certain nontraditional long-duration contracts and for separate accounts. (April 5, 2005)
Draft FAQs from the Life Financial Reporting Committee on the valuation of embedded derivatives in life and annuity contracts in accordance with FAS 133. (June 3, 2002)
Comments on proposed changes to the Accounting Practices and Procedures Manual. (May 18, 2001)
Committee on Life Insurance Financial Reporting (COLIFR) report on its GAAP survey.
(April 2, 2001)
Committee on Life Insurance Financial Reporting and Committee on Property and Liability Financial Reporting comments on FASB Revised Exposure Draft: "Business Combinations and Intangible Assets — Accounting for Goodwill." (March 16, 2001)