MEDIA ADVISORY 07/10/13

REGISTRATION OPENS FOR TWO FASB WEBCASTS ON INSURANCE CONTRACTS

Webcasts Examine Different Aspects of FASB Proposal

Norwalk, CT, July 10, 2013—Registration is now open for two live webcasts hosted by the Financial Accounting Standards Board (FASB).

(Please note that CPE credit is not available for group viewing of the live broadcasts.)

IN FOCUS: The Insurance Contracts Project—Part I, Scope (1 CPE credit)

The first Insurance Contracts webcast will feature Hal Schroeder, FASB member; Jennifer Weiner, FASB senior practice fellow; and Lauren Alexander, FASB associate practice fellow discussing the scope of FASB’s June 27th Exposure Draft on Insurance Contracts. 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 cover the following areas:
  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 noninsurance companies to which the proposed guidance would apply
  4. How the proposal improves existing accounting
  5. Next steps in the project.
     
IN FOCUS: The Insurance Contracts Project—Part II, The Models (2.5 CPE credits)

The second Insurance Contracts webcast will feature 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. Topics of discussion will include:
  1. Why the FASB has an insurance contracts project on its agenda
  2. When investment and service components should be disaggregated from the insurance component 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 proposal improves existing accounting
  6. Next steps in the project.
An archive of each webcast will be available on the FASB website through October 28 and October 30, respectively. (CPE credit will not be available to those who view only the archived webcast.)

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.