Risk Management/Financial Reporting Council
highlights

The Risk Management/Financial Reporting Council:

• Formed a new task force to monitor federal financial regulatory reform and sent a letter to the U.S. House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs to affirm the need to specify the role of actuarial guidance in federal legislation on insurance reform.
• Commented to the International Actuarial Association on a discussion paper, Measurement of Liabilities for Insurance Contracts: Current Estimates and Risk Margins.
• Commented on a Securities and Exchange Commission (SEC) discussion paper on improving financial reporting standards and presented at an SEC roundtable on the benefits and potential challenges of using fair value accounting and auditing standards.
• Presented at the National Association of Insurance Commissioners’ (NAIC) International Solvency and Accounting Working Group interim meeting, providing a synopsis of international accounting updates and solvency standards in the U.S. and abroad.
• Responded to the International Auditing and Assurance Standards Board on a proposed and revised International Standard on Auditing No. 620, Using the Work of an Auditor’s Expert.
• Commented to the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) on the exposure draft Conceptual Framework of Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-Useful Financial Reporting Information and its accompanying consultative paper, Conceptual Framework of Financial Reporting: The Reporting Entity. The council also commented to the IASB on its discussion paper Reducing Complexity in Reporting Financial Instruments.
• Discussed accounting practices in the health, property/casualty, and life practice areas in its annual meeting with the American Institute of Certified Public Accountants.
• Participated in panel discussions at a FASB roundtable on the future of accounting standards and potential convergence with international standards.
  
  

Risk Management/Financial Reporting Council resources

See recent Academy publications, analyses, and comments on public policy financial reporting and risk management issues.

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