Description: Since the issuance of IFRS 17 in 2017, the global insurance accounting standard, insurers across the globe have been making huge investment in assessing the impact and implementing the new standard. In late 2018, FASB issued ASU 2018-12 that revises key elements of the U.S. GAAP measurement models and disclosure requirements for long-duration contracts issued by insurers (also called FASB Targeted Improvements). Both standards are becoming effective 1/1/2021 (though IFRS 17 may potentially be deferred by a year). U.S. insurers that have international parents or subsidiaries, and report under a multi-GAAP environment will likely have to adopt both standards. By now most insurers should have nearly completed impact assessment for IFRS 17, designed road map for or have started the implementation journey. With the new U.S. GAAP requirements becoming effective concurrently, it is important to embark on the implementation journey with both standards in mind, and maximize the synergy to achieve cost-saving and design efficiency. This session will briefly introduce the two standards with a conceptual comparison, along with a discussion on where efficiency and synergy can be achieved in a concurrent implementation.

Description: Description of FASB decisions in late 2015 and early 2016

Description: An update on the SOA's financial reporting research projects.

Description: Illustrates the effects that proposed GAAP changes will have on earnings emergence of universal life contracts.

Description: Description of FASB redeliberations on targeted improvements for long duration contracts as of the end of 2017, including a summary of the anticipated impacts

Description: US GAAP for Life Insurers chapter 7 spreadsheets. Spreadsheets demonstrate cashflows for single premium deferred annuity under SFAS91. Please see the book US GAAP for Life Insurers for full detail on US GAAP.

Description: Attendees will discuss and share their experiences regarding current and anticipated challenges with respect to health reserves. Attendees will have the opportunity to ask questions and voice concerns to their peers to get real world feedback from actuaries with similar experiences. You don't want to miss this session!

Description: This monograph discusses Present Value Profits PVP with respect to purchase accounting. From Financial Reporting Section Monograph, AS99-1.

Description: Implementation of Statement of Position 03-1 for Lapse Protected Life Products

Description: Discussion of the relationship of IRR to ROI on a Level Term Life insurance policy