FASB Changes

Douglas Van Dam, FSA, MAAA

New GAAP for Insurance Companies – it’s coming!

FASB has already adopted changes for P&C. Now it is our turn. Big changes to US GAAP are coming, and likely soon. FASB in 2016 released an Exposure Draft of changes to current financial reporting for life insurance companies. The comments are in. This session will highlight what was in the Exposure Draft and review what commentators liked and didn’t like in the Draft. What will be easier? What will be harder? How do you prepare?

Doug consults with insurance companies on software systems implementation and general actuarial consulting. Prior to joining msg global solutions, Doug spent 11 years at PolySystems, Inc. Doug participated in drafting the Financial Reporting Committee of the AAA’s response to the FASB ED. He is also active with the International Actuarial Association drafting a practice note on IFRS 17.

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