Risk Management/Financial Reporting Council
highlights

The Risk Management/Financial Reporting Council:

• Hosted a briefing on Capitol Hill to present lessons learned from the financial crisis. The briefing, a joint venture with the Society of Actuaries (SOA), presented findings from an SOA study of the impact of the financial crisis on insurers.
  
• Met with assessors from the International Monetary Fund to discuss the Academy’s role in relation to U.S. insurance regulation.
  
• Issued white papers on risk management requirements for systemic risk regulation and on the use of discount rates in accounting present value estimates. The latter was submitted to the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB).
  
• Commented to the IASB on its discussion paper, Credit Risk in Liability Measurement, and to FASB on its revenue recognition project, and presented at a FASB educational session on risk margins.
  
• Submitted written testimony to the U.S. House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, highlighting key concepts and elements that are needed for the effective oversight and monitoring of risks in the insurance industry. The council also submitted testimony on the importance of a systemic risk regulator.
  
• Commented to the Securities and Exchange Commission on its Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers.
  
• Commented to the National Association of Insurance Commissioners’ International Solvency and Accounting Working Group on its Solvency Modernization Initiative Work Plan.
  
• Presented testimony to the National Conference of Insurance Legislators at a hearing on actuarial principles from the insurance industry relevant to the risk management of credit default swaps.
  
• Discussed accounting practices in the health, property/casualty, and life practice areas in its annual meeting with the American Institute of Certified Public Accountants.
  
  
  

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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