Description: FASB decisions made regarding potential changes to US GAAP accounting that differ from corresponding IASB decisions, causing the potential accounting changes.

Description: Discussion of recent FASB tentative decisions on disclosure and transition for their long-duration insurance contracts accounting project.

Description: Discusses a joint project between the FASB and IASB to update the accounting standards for financial instruments.

Description: The NAIC is working with state insurance departments to replace the existing rules-based valuation laws with principle-based valuation laws. On the GAAP front, both the International Accounting Standards Board, which sets GAAP accounting guidance for many countries outside the United States, and the Financial Accounting Standards Board, which promulgates GAAP guidance in the United States, are moving toward a “current estimate” standard of valuation, which often results in a fair value or similar measurement basis. This article reviews the IASB’s discussion paper on insurance valuation and the American Academy of Actuaries’ response to it.

Description: This article discusses GAAP and IFRS changing standards, their differences and similarities. Issues included are fair value accounting for assets and financial liabilities, hedge accounting, financial instrument discosures and revenue recognition for contracts that do not qualify as insurance contracts.

Description: Update on FASB's tentative decision to require fair value for many variable annuity and variable life guarantees

Description: Update of FASB's tentative decisions on revising the accounting for long-duration insurance contracts, now that decisions on measurement are substantively complete.