IN FOCUS: The Insurance Contracts Project – Part I, Scope

Date: Tuesday, July 30, 2013

Time: 1:00–2:00 p.m. Eastern Daylight Time

The Financial Accounting Standards Board (FASB) is pleased to announce a webcast about its 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. Another objective is to provide comparability, regardless of the type of issuer of the insurane contract. This means that the proposed guidance would apply to all companies that issue insurance contracts as defined in the Exposure Draft, including those that are not insurance companies, unless those contracts are specifically excluded from the scope. The webcast will include discussion on:
  1. Why the proposed guidance would apply to all companies issuing insurance contracts rather than just to insurance companies
  2. Contractual features that may require contracts to be accounted for using the proposed guidance
  3. Examples of contracts issued by non-insurance companies to which the proposed guidance would apply
  4. How the proposals improve existing accounting
  5. Next steps in the project

Speakers: Hal Schroeder, FASB member; Jennifer Weiner, FASB senior 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: 1.0 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

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