Exposure draft of a public policy practice note of the Long-Duration Contracts Work Group of the Financial Reporting Committee on the Application of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts. The exposure draft is Part I: Traditional and Limited-Payment Contracts – Basic Considerations Related to the Liability for Future Policy Benefits. Due to the number of areas of practice impacted by this accounting standard, the white paper is being exposed for comment in sections, of which this is the first. Please send comments to rmfrcanalyst@actuary.org by September 30.
( )The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2020), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations.
( )The Financial Reporting Committee and Life Financial Reporting Committee comments to the Financial Accounting Standards Board (FASB) regarding indexing and modco embedded derivatives.
( )The Financial Reporting Committee comments to the American Institute of Certified Public Accountants (AICPA) regarding Targeted Improvements to Long-Duration Contracts Implementation Issue 11AC (ceded reinsurance), to be included in the Audit and Accounting Guide: Life and Health Insurance Entities.
( )The Financial Reporting Committee comments to the American Institute of Certified Public Accountants (AICPA) regarding draft revisions to the Audit and Accounting Guide: Life and Health Insurance Entities.
( )Financial Reporting letter on IASB exposure draft.
( )Current Estimate Credit Losses Work Group white paper on the new FASB accounting requirement regarding uncollectible reinsurance.
( )IFRS 17 Work Group comments to the IAA on the exposure draft of IAN 100 on Application of IFRS 17 Insurance Contracts.
( )Financial Reporting Committee comments to the Actuarial Standards Board for consideration on the International Actuarial Association's International Standard of Actuarial Practice 4—IFRS 17 Insurance Contracts exposure draft.
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Financial Reporting Committee questions for consideration by the IFRS Transition Resource Group on IFRS 17 Insurance Contracts. (
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Financial Reporting Committee comments to the Financial Accounting Standards Board (FASB) on its proposed updates to market risk benefits in the accounting for long-duration contracts. (
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Financial Reporting Committee comments to the Financial Accounting Standards Board (FASB) on its proposed updates to the accounting for long-duration contracts. (
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Financial Reporting Committee comments on the Public Company Accounting Oversight Board’s (PCAOB) proposed amendments to auditor’s use of the work of specialists. (
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Financial Reporting Committee comments to the International Actuarial Association (IAA) on the exposure draft of its “Risk Adjustments for Financial Reporting of Insurance Contracts under International Financial Reporting Standards No. X” monograph. (
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Financial Reporting Committee comments to the Financial Accounting Standards Board (FASB) on its proposed accounting standards update, Targeted Improvements to the Accounting for Long-Duration Contracts. (
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Financial Reporting Committee white paper on Considerations in Implementing the FASB Short-Duration Contract Disclosures. (
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Financial Reporting Committee (FRC) and Committee on Property and Liability Financial Reporting (COPLFR) comments to the SEC on its concept release on the modernization of certain disclosure requirements in Regulation S-K. (
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Financial Reporting Committee comments to the Financial Accounting Standards Board (FASB) on its proposed accounting standards update, Fair Value Measurement (Topic 820): Disclosure Framework. (
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Financial Reporting Committee comments to the Financial Accounting Standards Board (FASB) on its proposal to limit unlocking the assumptions and discount rates for long-duration insurance contracts to only the fourth quarter. (
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Financial Reporting Committee comments to the Financial Accounting Standards Board (FASB) on issues raised during the May 21, 2015 educational session related to retrospective unlocking in long-duration contracts.
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