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 and Life Financial Reporting Committee comments to FASB on its Proposed Accounting Standards Update, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities. (September 30, 2010)
Financial Reporting Committee and Risk Management and Solvency Committee comments on the June 2010 Primary Considerations to the NAIC Statutory Accounting and Financial Reporting (EX) Subgroup. (August 4, 2010)
Financial Reporting Committee and Life Financial Reporting Committee comments to the IASB concerning its report, "Exposure Draft Financial Instruments: Amortised Cost and Impairment." (June 30, 2010)
Financial Reporting Committee comments on the recent vote by the IASB and confirmation by the FASB to not permit the recognition of revenue for incremental acquisition expenses upon the initial measurement of an insurance contract. (February 19, 2010)
Life Financial Reporting Committee and Financial Reporting Committee comments on the FASB on exposure draft, Proposed ASU-Financial Services-Insurance (Topic 944): "Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts." (February 12, 2010)
Financial Reporting Committee comments to the IASB on its Exposure Draft, Fair Value Measurement. (October 1, 2009)
Financial Reporting Committee white paper and notes on the use of discount rates in accounting present value estimates. (September 15, 2009)
Life Financial Reporting Committee and Financial Reporting Committee comments to the IASB on its "Exposure Draft, Financial Instruments: Classification and Measurement." (September 14, 2009)
Financial Reporting Committee comments to the IASB on its Discussion Paper, Credit Risk in Liability Measurement. (September 1, 2009)
IAA Insurance Accounting Committee and Financial Reporting Committee presentation at a Financial Accounting Standards Board (FASB) educational session on risk margins. (June 24, 2009)
Financial Reporting Committee comments to the International Association of Insurance Supervisors (IAIS) on the Draft Issues Paper on the Roles of and Relationship Between the Actuary and the External Auditor in the Preparation and Audit of Financial Reports. (May 15, 2009)
Financial Reporting Committee comments to the FASB on its Discussion Paper, "Preliminary Views on Financial Statement Presentation." (April 14, 2009)
Financial Reporting Committee response to the joint IASB/FASB Financial Crisis Advisory Group (FCAG) in which FCAG sought input from constituents to discussion questions surrounding accounting and reporting matters related to the financial crisis. (April 1, 2009)
Financial Reporting Committee comments to the Securities and Exchange Commission on the "Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by US Issuers." (March 4, 2009)
Financial Reporting Committee comments to the International Accounting Standards Board regarding its revenue recognition project. (February 4, 2009)
Risk Margin Task Force comments to the IAA on its second exposure draft, "Measurement of Liabilities for Insurance Contracts: Current Estimates and Risk Margins." (May 28, 2008)
Financial Reporting Committee comments on the proposed International Standard on Auditing (ISA) 620, "Using the Work of an Auditor’s Expert." (February 22, 2008)
International Financial Reporting Standards Task Force comments to the IASB on its discussion paper, "Preliminary Views on Insurance Contracts." (November 16, 2007)
International Financial Reporting Standards Task Force response to FASB on its Invitation to Comment on FASB Agenda Proposal, "Accounting for Insurance Contracts by Insurers and Policyholders." (November 16, 2007)
Financial Reporting Committee comments to the SEC on a proposal to eliminate a requirement for reconciling IFRS financial statements with U.S. GAAP. (October 9, 2007)