US GAAP Fair Value Measurement & Fair Value Option Practice Note

The U.S. GAAP Fair Value Measurement & Fair Value Option Practice Note, developed by the Life Generally Accepted Accounting Principles Committee, explains ASC Topic 820 and related guidance through a Q&A format, covering valuation approaches, fair value hierarchy, market inputs, nonperformance risk, credit spreads, reinsurance, and market risk benefits. The Practice Note summarizes observed practices and considerations relevant to life insurance financial reporting.