Financial Reporting/International Accounting

Domestic and international financial reporting issues that affect multiple areas of actuarial practice including responses to the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).

IFRS Update: IASB/FASB Insurance Contracts Project
Slides discussing the latest activities of the FASB and IASB regarding their work on the Insurance Contracts Project. (November 1, 2012)
Comments on IASB Insurance Accounting Standard Working Drafts
International Accounting Standards Task Force comments to the International Accounting Standards Board on its working drafts, feedback on the premium-allocation approach decisions, feedback on the Non-Insurance Components and on measuring earned premium under the building block approach. (October 9, 2012)
Comments on Liquidity and Interest Rate Risk Disclosures
Financial Reporting Committee comments to the Financial Accounting Standards Board on its exposure draft regarding liquidity risk and interest rate risk disclosures and how the proposed amendments would affect insurance companies. (September 26, 2012)
Comments on Proposed Accounting Standards Update Revenue Recognition
Financial Reporting Committee responses to questions posed in FASB's Revenue Recognition paper. (March 13, 2012)
Comments on Defining Contract Boundary for Insurance Contracts
International Accounting Standards Task Force comments on the topic of defining the contract boundary for insurance contracts. (December 21, 2011)
Approaches to Setting the Discount Rate for Valuation of Insurance Contracts: A Discussion Paper
International Accounting Standards Task Force discussion paper on approaches to setting the discount rate for valuation of insurance contracts drafted by December 2011. (December 19, 2011)
White Paper on Other Comprehensive Income
International Accounting Standards Task Force’s white paper on the topic “What Belongs in Other Comprehensive Income” and “How Would You Calculate It?” with respect to insurance contracts. (December 6, 2011)
Response to IASB on Agenda Consultation 2011 paper
Financial Reporting Committee and International Accounting Standards Task Force response to the International Accounting Standards Board (IASB) on its Agenda Consultation 2011 paper. (October 27, 2011)
Financial Reporting Committee Letter to PCAOB on Auditor's Report
Financial Reporting Committee letter to the Public Company Accounting Oversight Board (PCAOB) on the issues surrounding the auditor’s report based on recent investor feedback. The committee’s comments included a recommendation to increase disclosure and provide more detail to the auditor's reporting model. (September 30, 2011)
Comments on Revised IAIS ICP 14: Valuation for Solvency Purposes
Solvency Committee input to the NAIC on the recently revised International Association of Insurance Supervisors paper, Insurance Core Principle 14: Valuation for Solvency Purposes. (May 18, 2011)
Reinsurance Subcommittee Comments on Insurance Contracts
Reinsurance Subcommittee letter to the IASB on its Insurance Contracts Exposure Draft regarding recognition of gains and losses on reinsurance ceded for long duration contracts. (April 11, 2011)
Discount Rates: Reconciling the Top Top-Down and Bottom-Up views
Financial Reporting Committee presentation on the discount rate for insurance contracts to FASB and IASB. (February 3, 2011)
Comments on IASB and FASB Insurance Contracts
IFRS Task Force comments to the IASB on its Insurance Contracts Exposure Draft and comments to the FASB on its accompanying discussion paper. (November 30, 2010)
Comments on Accounting for Legal Costs Associated with Medical Malpractice and Similar Claims
Financial Reporting Committee comments to FASB on its Proposed Accounting Standards Update, Health Care Entities (Topic 954) - "Accounting for Legal Costs Associated with Medical Malpractice and Similar Claims." (October 8, 2010)
Comments to FASB on Accounting for Financial Instruments
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)
Comments on NAIC Primary Considerations for Statutory Accounting and Financial Reporting Subgroup
Financial Reporting Committee and Risk Management and Solvency Committee comments on the June 2010 Primary Considerations to the NAIC Statutory Accounting and Financial Reporting (EX) Subgroup. (August 4, 2010)
Comments on IASB Amortized Costs Exposure Draft
Financial Reporting Committee and Life Financial Reporting Committee comments to the IASB concerning its report, "Exposure Draft Financial Instruments: Amortised Cost and Impairment." (June 30, 2010)
Letter to IASB and FASB on Insurance Contracts
Financial Reporting Committee comments on the recent vote by the IASB and confirmation by the FASB to not permit the recognition of revenue for incremental acquisition expenses upon the initial measurement of an insurance contract. (February 19, 2010)
Comments on Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts
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)
Comments on Fair Value Measurement
Financial Reporting Committee comments to the IASB on its Exposure Draft, Fair Value Measurement. (October 1, 2009)