IN FOCUS: The Insurance Contracts Project – Part II, The Models

This presentation takes place from 1:00–3:05 p.m. Eastern Daylight Time
  The Financial Accounting Standards Board (FASB) is pleased to announce a webcast about their Exposure Draft on insurance contracts, which was released on June 27, 2013. The main objective in developing the Exposure Draft is to increase decision usefulness of the information about an insurer’s insurance liabilites, including the nature, amount, timing, and uncertainty of cash flows related to those liabilies, and the related effect on the statement of comprehensive income. The webcast will include discussion on:
  1. Why the FASB has an insurance contracts project on its agenda
  2. When investment and service components should be disaggregated and accounted for using the financial instruments or revenue recognition guidance, respectively
  3. Determining which approach to apply: the building block approach or the premium allocation approach
  4. Details of the two approaches, including measurement of the insurance contracts liability/asset and the recognition of revenue and expenses
  5. How the proposals improve existing accounting
  6. Next steps in the project

Speakers: Tom Linsmeier, FASB member; Marc Siegel, FASB member; Jennifer Weiner, FASB senior practice fellow; Christopher Irwin, FASB practice fellow; and Lauren Alexander, FASB associate practice fellow.

Learning Objectives: At the end of this program, participants should understand the contractual features that may require companies to apply the proposed guidance on insurance contracts.

Participants will have the opportunity to email questions to the panelists during the event.
  Delivery Method: Group-internet based

Program Level: Overview

Program Prerequisites: None

Advanced Preparation Needed: None

Recommended CPE: 2.5 hours; final CPE earned will be determined based on the length of participation in the program, polling questions as described in CPE Eligibility, and completion of a course survey. Credit is provided only to participants in the live broadcast of this course. Please note that credit is not provided for group viewing. Each participant must be registered separately and meet both polling and duration requirements as per NASBA.

Refund/Cancellation Policy: There is no cost for this course and there is no cancellation penalty. Participants will be notified by email as soon as possible if the course is cancelled for any reason.

Complaint Policy: To register complaints about course content or delivery method and to inquire about the timeliness and accuracy of CPE credit posting for this event, contact CPEDirector@fasb.org

Official National Registry of CPE Sponsors' Statement
The Financial Accounting Foundation/FASB/GASB is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: http://www.learningmarket.org/

NASBA National Registry of CPE Sponsors—Sponsor License Number 107522
Texas Sponsor Number 000016
  Presenters:

Tom Linsmeier, FASB member (bio)

Marc Siegel, FASB member (bio)

Jennifer Weiner, FASB senior practice fellow (bio)

Christopher Irwin, FASB practice fellow (bio)

Lauren Alexander, FASB associate practice fellow (bio)
  Test Your System
 Help