Event: September 2010 Meeting
Topic: The IASB Proposes a Revolution in Insurance Accounting
On July 30 after thirteen years of effort, the International Accounting Standards Board (IASB) published an Exposure Draft on the accounting for insurance contracts. If adopted, it would revolutionize the accounting for these contracts. This is quite a significant development, particularly in view of the G20's position that the world should move to a single set of high quality general purpose financial standards. The period for comments is over November 30, with an expected adoption date of a new standard in mid-2011.
Over almost the last two years this IASB project has been jointly deliberated with the Financial Accounting Standards Board (FASB, US). It is expected that by the time of the CAA meeting, the FASB will have published a Discussion Paper that incorporates the IASB Exposure Draft, together with a description of the FASB's current views that differ to some extent from those of the IASB. This development may lead to a wholesale change to U.S. GAAP as it relates to insurance companies of all types.
The presentation and discussion will address these developments.
Speaker: Sam Gutterman, FSA, FCAS, CERA, MAAA, HonFIA
Director, PriceWaterhouseCoopers
Date: Thursday, September 16, 2010
3:30 Registration / 4:00 Speaker / 5:00 Hors d’oeuvres reception
Location: Blue Cross & Blue Shield of IL
300 E. Randolph St., Chicago, IL 60601
CAL Conference Room 1
Cost: Members: $30 with hors d’oeuvres, $20 without hors d’oeuvres
Non Members: $40 with hors d’oeuvres, $30 without hors d’oeuvres
Retirees/Unemployed: $10 with hors d’oeuvres, Free without
To attend the meeting, please enter the BCBSIL building at the Randolph Street entrance, and check in with a photo ID at the security desk before proceeding down the escalator to the meeting room. Registration will take place at the bottom of the escalator.
Please respond by September 12 by making your reservation online at http://register.chicagoactuarialassociation.org
Sam Gutterman, FSA, FCAS, CERA, MAAA, HonFIA
Sam Gutterman has provided actuarial advice to and analysis of the life & health and property & casualty insurance industries and government agencies for forty years, primarily in the area of financial reporting in the Chicago office of PricewaterhouseCoopers. Sam has been actively involved in the actuarial profession, including service as a former president of the Society of Actuaries and former president of the Chicago Actuarial Association, as well as the Chicago Area Runners Association.
Sam has been active in international accounting and auditing discussions relating to insurance for the past dozen years. During that period, as chair of the International Actuarial Association (IAA)’s Committee on Insurance Accounting, he serves as the IAA representative on the International Accounting Standards Board’s Insurance Working Group and on the Consultative Advisory Group to the International Auditing and Assurance Standards Board. He is also a member of the PwC International Insurance Accounting Group.