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).

Presentation on IASB Insurance Contracts Project Phase II

Financial Reporting Committee presentation at a FASB forum on Phase II of the IASB’s insurance contracts project. (October 26, 2005)

Comments on IAA draft 'Measurement of Investment Contracts and Service Contracts under International Financial Reporting Standards'

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)

Comments on IAA Draft Practice Guideline: Current Estimates

Financial Reporting Committee comments to the IAA on its draft Practice Guideline: Current Estimates. (February 15, 2005)

Comments on IAA Draft Practice Guidelines on International Financial Reporting Standards

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)

FRC Comments on Proposed FASB Standard for Measuring Fair Value

Financial Reporting Committee comments on FASB exposure draft, "Proposed Statement of Financial Accounting Standards: Fair Value Measurements." (September 30, 2004)

Comments on IASB Proposal for International Accounting Standards

Joint Financial Reporting Task Force comments on an IASB proposal for international accounting standards for insurance contracts. (October 31, 2003)

Comments on COSO Draft Report 'Enterprise Risk Management Framework'

Academy comments to COSO about its draft "Enterprise Risk Management Framework. (October 14, 2003)

Letter Accepting NAIC Trend Test Charge

Letter accepting an NAIC request to make recommendations on possible trend tests for casualty and health RBC. (September 5, 2003)

Supplement to Feb. 2002 Report on Changes to 3 NAIC RBC Formulas

Supplement to a February 2002 comparison of the three NAIC RBC formulas. (March 30, 2003)

Comments on Proposed Rules Regarding Auditor Independence

Academy comments to the SEC on proposed Sarbanes-Oxley Act auditor independence rules. (January 6, 2003)

Comments on Proposed Rules on Disclosure Required by Sections 404,406 and 407

Academy commments to the SEC on proposed Sarbanes-Oxley Act disclosure rules. (November 26, 2002)

Comments on Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and Separate Accounts

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)

Fair Valuation of Insurance Liabilities: Principles and Methods

The Fair Value Task Force discussed the application of fair value accounting principles to the liabilities associated with insurance contracts. (September 30, 2002)

Letter Nominating Richard Robertson to Public Company Accounting Oversight Board

Academy letter to SEC nominating Richard Robertson to the Public Company Accounting Oversight Board. (August 28, 2002)

Letter on Public Company Accounting Reform and Investor Protection Act of 2002

Academy letter to the House Committee on Financial Services on the definitions of "actuarial services" and "appraisal or valuation and fairness opinions" in H.R. 3763, the Public Company Accounting Reform and Investor Protection Act of 2002. (July 19, 2002)

Comments on NAIC Draft of Issue Paper 118

Life, Health, and Property/Liability Financial Reporting Committees comment on NAIC exposure draft of Issue Paper 118. (April 19, 2002)

Updated Comparison of NAIC RBC formulas (Life, P&C and Health)

Joint RBC Task Force updated comparison of the three NAIC RBC formulas (Life, P&C and Health). (February 12, 2002)

Comments to FASB on Proposed Accounting Standard for Financial Instruments

Academy comments to FASB on Joint Working Group Draft "Standard and Basis for Conclusions, Financial Instruments, and Similar Items." (September 21, 2001)

Letter to IASB on Financial Instruments

Task Force on Fair Value letter to IASB on hybrid financial instrument accounting treatment. (May 29, 2001)

Comments on FASB Exposure Draft on Business Combinations and Goodwill Accounting

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)