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 Task Force presentation to the NAIC on insurance contracts at the NAIC 2007 Interim Meeting of the International Solvency and Accounting Working Group. (August 22, 2007)
Risk Margin Task Force comments to IAA on draft "Measurement of Liabilities for Insurance Contracts: Current Estimates and Risk Margins." (May 25, 2007)
Financial Reporting Committee and Actuarial Standards Board joint response to FASB on its request for comments on valuation guidance in financial reporting. (April 13, 2007)
Financial Reporting Committee comments to FASB regarding Bifurcation of Insurance and Reinsurance Contracts for Financial Reporting. (August 24, 2006)
Financial Reporting Committee suggestions for revising a proposed IAA practice guideline on insurance risk disclosure. (March 27, 2006)
Financial Reporting Committee response to a FASB invitation to comment on the treatment of liabilities and assets with uncertainties in financial reporting. (January 11, 2006)
Financial Reporting Committee presentation at a FASB forum on Phase II of the IASB’s insurance contracts project. (October 26, 2005)
Financial Reporting Committee comments to the IAA on its draft Practice Guideline: "Measurement of Investment Contracts and Service Contracts under International Financial Reporting Standards." (February 15, 2005)
Financial Reporting Committee comments to the IAA on its draft Practice Guideline: Current Estimates. (February 15, 2005)
Financial Reporting Committee comments to the IAA on its draft Practice Guideline: "Actuarial Practice When Providing Professional Services to Reporting Entities Concerning Financial Reporting of Insurance Contracts, Financial Instruments, and Service Contracts Under International Financial Reporting Standards." (February 15, 2005)
Financial Reporting Committee comments on FASB exposure draft, "Proposed Statement of Financial Accounting Standards: Fair Value Measurements." (September 30, 2004)
Joint Financial Reporting Task Force comments on an IASB proposal for international accounting standards for insurance contracts. (October 31, 2003)
Academy comments to COSO about its draft "Enterprise Risk Management Framework. (October 14, 2003)
Letter accepting an NAIC request to make recommendations on possible trend tests for casualty and health RBC. (September 5, 2003)
Supplement to a February 2002 comparison of the three NAIC RBC formulas. (March 30, 2003)
Academy comments to the SEC on proposed Sarbanes-Oxley Act auditor independence rules. (January 6, 2003)
Academy commments to the SEC on proposed Sarbanes-Oxley Act disclosure rules. (November 26, 2002)
Life Financial Reporting Committee comments on an AICPA Proposed Statement of Position: "Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts." (October 30, 2002)
The Fair Value Task Force discussed the application of fair value accounting principles to the liabilities associated with insurance contracts. (September 30, 2002)
Academy letter to SEC nominating Richard Robertson to the Public Company Accounting Oversight Board. (August 28, 2002)