This panel will discuss the latest developments with international accounting rules (IFRS) and U.S. GAAP accounting issues relative to insurance.

Items to be discussed include:

What IFRS is, and how it differs from U.S. GAAP
If and/or when the U.S. will eventually adopt IFRS, and whether it really matters anymore
The latest developments regarding loss reserve discounting for U.S. GAAP and IFRS and the “fair value” debate
The current debate regarding when profits (and/or losses) are to be recognized under IFRS and U.S. GAAP accounting
The debate concerning whether to retain the concept of an unearned premium reserve, and what it might mean to actuaries
How the basic balance sheet and income statement might change for GAAP
The panel will focus on the needs of a typical reserving actuary in understanding and supporting a company’s financial reporting and analysis.