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Financial Reporting Committee

Financial Reporting Committee

This committee coordinates and develops Academy work on domestic and international financial reporting issues that affects multiple areas of actuarial practice. The committee also monitors related work within the other practice councils to ensure consistency and avoid conflicts across practice areas.
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Chairperson: Marc Oberholtzer
Vice Chairperson: Rowen Bell
Douglas van Dam
Members:
Kathleen Bachman
Kenneth Clark
Jia Fei
William Horbatt
Richard Isherwood
Steven Malerich
John May
Galin Mitchener
David Moran
Daniel Rueschhoff
Justin Serebro
Barbara Snyder
Diyi Zhao

Related Publications

Committees Comment to FASB on Standard-Setting Agenda

The Financial Reporting Committee and Life GAAP Reporting Committee sent a letter to the Financial Accounting Standards Board (FASB) as a response to the invitation to comment regarding FASB’s...
Topics: Financial Reporting
Date Published: 06/30/2025
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Committee Submits Agenda Request to FASB on Fixed Indexed Annuities

The Life GAAP Reporting Committee submitted an agenda request to the Financial Accounting Standards Board (FASB) regarding the application of accounting guidance for indexed annuity...
Topics: Life
Date Published: 05/08/2025
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Committees Comment to FASB on Agenda Request

The Financial Reporting Committee and the Life GAAP Reporting Committee sent an agenda request letter to the Financial Accounting Standards Board (FASB) encouraging FASB to consider a project...
Topics: ASB Casualty Financial Reporting
Date Published: 02/04/2025
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Committees Comment to FASB on Financial Reporting Draft

The Financial Reporting Committee and the Life GAAP Reporting Committee sent a comment letter to the Financial Accounting Standards Board (FASB) on the exposure draft of Chapter 6: Measurement, of...
Topics: ASB Financial Reporting
Date Published: 03/21/2024
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Application of ASU 2018-12 to the Accounting for Long-Duration Contracts under U.S. GAAP

The Long-Duration Contracts Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note , which covers aspects of the application of Accounting Standards...
Topics: Financial Reporting Risk Management
Date Published: 12/27/2023
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IFRS 17 Work Group submits comments on IFRS Foundation’s tentative agenda decision Transfer of Insurance Coverage under a Group of Annuity Contracts (IFRS 17).

The IFRS 17 Work Group of the Financial Reporting Committee submitted comments to International Financial Reporting Standards (IFRS) Foundation Interpretations Committee Chairperson Bruce Mackenzie...
Topics: Financial Reporting Risk Management
Date Published: 05/23/2022
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IFRS 17 Work Group submits comments on IFRS Foundation’s tentative agenda decision "Transfer of Insurance Coverage under a Group of Annuity Contracts (IFRS 17)."

The IFRS 17 Work Group of the Financial Reporting Committee submitted comments to International Financial Reporting Standards (IFRS) Foundation Interpretations Committee Chairperson Bruce Mackenzie...
Topics: Financial Reporting Risk Management
Date Published: 05/23/2022
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Financial Reporting Committee First Exposure Draft of a Public Policy Practice Note on Application of ASU 2018-12

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...
Topics: Benefits Financial Reporting Public Policy Risk Management
Date Published: 07/27/2021
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Financial Reporting Committee and Life Financial Reporting Committee Comments to FASB

The Financial Reporting Committee and Life Financial Reporting Committee comments to the Financial Accounting Standards Board (FASB) regarding indexing and modco embedded derivatives.  
Topics: ASB Financial Reporting
Date Published: 11/23/2020
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Financial Reporting Committee Comments to AICPA

The Financial Reporting Committee comments to the American Institute of Certified Public Accountants (AICPA) regarding Targeted Improvements to Long-Duration Contracts Implementation Issue 11AC...
Topics: Financial Reporting Health Insurance Reinsurance Risk Management
Date Published: 09/23/2020
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Financial Reporting Committee Comments to AICPA

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...
Topics: Financial Reporting Health Insurance Risk Management
Date Published: 03/25/2020
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Financial Reporting Committee Letter to IASB

Financial Reporting letter on IASB exposure draft.  
Topics: ASB Financial Reporting Risk Management
Date Published: 09/25/2019
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Work Group White Paper on Estimating the Uncollectible Reinsurance Reserve for P/C Companies

Current Estimate Credit Losses Work Group white paper on the new FASB accounting requirement regarding uncollectible reinsurance.  
Topics: ASB Financial Reporting Reinsurance Risk Management
Date Published: 07/02/2019
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Work Group Comments on Exposure Draft of IAN 100 on Application of IFRS 17 Insurance Contracts

IFRS 17 Work Group comments to the IAA on the exposure draft of IAN 100 on Application of IFRS 17 Insurance Contracts.  
Topics: Financial Reporting Risk Management
Date Published: 04/30/2019
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Comments to ASB on IAA International Standard of Actuarial Practice 4—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...
Topics: Actuarial Standards ASB Financial Reporting Risk Management
Date Published: 05/25/2018
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Questions for Consideration by IFRS Transition Resource Group for IFRS 17 Insurance Contracts

Financial Reporting Committee questions for consideration by the IFRS Transition Resource Group on IFRS 17 Insurance Contracts. 
Topics: Financial Reporting Risk Management
Date Published: 03/22/2018
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Comments to FASB on Proposed Updates to Market Risk Benefits in the Accounting for Long-Duration Contracts

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. 
Topics: ASB Benefits Financial Reporting Risk Management
Date Published: 12/18/2017
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Comments to PCAOB on Proposed Amendments to Auditor’s Use of the Work of Specialists

Comments to PCAOB on Proposed Amendments to Auditor’s Use of the Work of SpecialistsFinancial Reporting Committee comments on the Public Company Accounting Oversight Board’s (PCAOB) proposed...
Topics: Financial Reporting Risk Management
Date Published: 08/29/2017
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Comments to IAA on Risk Adjustment Educational Monograph Exposure Draft

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...
Topics: Financial Reporting Risk Management
Date Published: 02/28/2017
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Comments to FASB on Targeted Improvements to the Accounting for Long-Duration Contracts

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...
Topics: ASB Financial Reporting Risk Management
Date Published: 12/14/2016
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