Complying with FASB’s Insurance Accounting Standard: Effective Preparation and Implementation Strategies.
The Financial Accounting Standards Board (FASB) recently released its Accounting Standards Update (ASU) that revamped the financial reporting of insurance companies’ long-duration contracts like life insurance, disability income, long-term care, and annuities. The new accounting standard demands enhanced disclosures, improves uniformity among similar market-based benefits, and sets standard liability discount rate.
The changing FASB standard poses a considerable impact on various stakeholders. Revisiting existing financial reporting practices and integrating a doable strategic plan is imperative for effective and efficient compliance.
Field of Study: Accounting
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William Hines, FSA, MAAA Principal & Consulting Actuary Milliman William consults extensively on financial reporting issues involving U.S. GAAP, IFRS, regulatory accounting, and embedded value. He has served as appointed actuary for more than a dozen life insurers in the United States, Bermuda and the Cayman Islands. William is recognized as an expert in insurance company accounting and serves on the International Accounting Standards Board’s IFRS 17 Transition Resource Group. His consulting assignments have also included litigation support, reserve reviews, pricing analysis, mergers and acquisitions, mutual company reorganizations, alternative financing structures, securitizations, captive insurance companies, and reinsurance transactions. Prior to joining Milliman, William worked at John Hancock in Boston, where he gained experience in GAAP and statutory financial reporting, valuation, dividend scale development, profitability analysis, and projection, as well as many aspects of demutualization. __________________ Emily Cummins, CPA, CIA, CPCU, CISSP, ARM, Are Underwriting Administration Specialist Church Mutual Insurance Company Emily Cummins (MBA, CPA, CIA, CPCU, CISSP) is a specialist in the underwriting division of Church Mutual Insurance Company, a leading risk and insurance services provider in the religious institutional marketplace and other compatible markets. She joined Church Mutual following a career in tax, compliance, and enterprise risk management at a nonprofit organization. Previously, she worked for Wachovia (Wells Fargo) and Ernst & Young. Emily has degrees from Wake Forest University, George Washington University, and George Mason University. Most recently, she served on the global board of directors for RIMS, the Risk and Insurance Management Society, and as chair of the RIMS board audit committee. Emily has been a panel judge for the U.S. Captive Services Awards, and she was named as one of Insurance Business America’s “Leading Risk Managers of 2018.”
