In July of 2010, the International Accounting Standards Board ("IASB") released an exposure draft outlining their proposals to introduce a transparent accounting treatment for insurance contracts. In September of 2010, the Financial Accounting Standards Board ("FASB") published a discussion paper outlining their proposal for the treatment of insurance policies and moving Generally Accepted Accounting Principles ("GAAP") closer to International Financial Reporting Standards ("IFRS"). Both of these papers propose accounting procedures that would have a significant effect on the way insurance companies report premium, loss liabilities and income, whether the company operates internationally or just in the United States/Canada.

This webinar will provide a detailed understanding of the key provisions of these papers as they affect actuaries and their companies, and will discuss important differences between the two proposed approaches. We will discuss examples of how insurers' financial statements may be impacted if either of the two approaches is adopted.

Intended Audience


As accounting changes are likely to impact every actuary, this webinar has been developed to provide important information to all actuaries as to how reporting standards may change in coming years. It will be of particular importance to those actuaries who work in the areas of financial reporting, loss reserving, budgeting or strategic planning. This session would also be of interest to non-actuaries working in these areas.