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).

Financial Reporting Committee letter to the Financial Accounting Standards Board on its insurance contracts project, encouraging convergence for long-duration contracts but also highlighting issues that may need to be addressed if targeted improvements instead of the building block approach are pursued. (June 30, 2014)
Financial Reporting Committee letter to the Financial Accounting Standards Board on proposed wording to clarify the methodology used in determining the "top down" discount rate. (February 12, 2014)
Financial Reporting Committee comments to the Financial Accounting Standards Board and International Accounting Standards Board regarding their joint project on classification and measurement of financial instruments.

(January 16, 2014)
International Accounting Standards Task Force comment letter to the International Accounting Standards Board on its revised exposure draft, Insurance Contracts. (October 24, 2013)
International Accounting Standards Task Force comment letter to the Financial Accounting Standards Board on its revised exposure draft, Insurance Contracts.
(October 24, 2013)
International Accounting Standards Task Force papers on issues related to the Insurance Contracts project discussed at a November 2012 meeting with FASB staff. (March 5, 2013)
Slides discussing the latest activities of the FASB and IASB regarding their work on the Insurance Contracts Project. (November 1, 2012)
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)
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)
Financial Reporting Committee responses to questions posed in FASB's Revenue Recognition paper. (March 13, 2012)
International Accounting Standards Task Force comments on the topic of defining the contract boundary for insurance contracts. (December 21, 2011)
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)
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)
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 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)
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 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)
Financial Reporting Committee presentation on the discount rate for insurance contracts to FASB and IASB. (February 3, 2011)
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)
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)