GAAP - Generally Accepted Accounting Principles

  • First, let me remind you of the brief history of GAAP for life insurance companies.
  • You will recall that the first exposure draft of the American Institute of Certified Public Accountants (AICPA) appeared in December, 1970.

-- John H. Biggs

1976 - SOA - Trends in GAAP and Statutory Financial Statements, rsa76v2n28 - Society of Actuaries - 14p

  • 1976 - SOA - Trends in GAAP and Statutory Financial Statements, rsa76v2n28 - Society of Actuaries - 14p
  • 1984 - SOA - The Actuary, act8403 - Society of Actuaries - 8p
  • 1987 - SOA - A Comparison of Alternative Generally Accepted Accounting Principles (GAAP) Methodologies for Universal Life, by S. Michael Mclaughlin, tsa87v398 - Society of Actuaries - 46p
  • 1989 - SOA - Pricing Considerations on a GAAP Basis, rsa89v15n3a8 - Society of Actuaries - 16p
  • 2003 - SOA - VASP - GAAP for Nontraditional Long-Duration Contracts, va03-36ts - Society of Actuaries - 23p
  • 2006 - Book - US GAAP for Life Insurers, Second Edition, R. Thomas Herget, Editor - 675p
  • 2013 10 - SOA - Insurance Accounting on One Foot: Read about the differences between the FASB ED and the ED published nearly simultaneously by the International Accounting Standards Board, By Henry Siegel and William Hines - Society of Actuaries- 8p
  • Daniel F. Case
  • ATTACHMENT TWO-A
    • Financial Standards Subcommittee
    • Accounting Manual Draft - Generally Accepted Accounting Principles (GAAP) - (p20)

1988-2, NAIC Proceedings

  • The only exception to this approach was for universal life–type policies under U.S. GAAP where premium is treated as a deposit and only charges to customers are shown as revenue.

2013 10 - SOA - Insurance Accounting on One Foot: Read about the differences between the FASB ED and the ED published nearly simultaneously by the International Accounting Standards Board, By Henry Siegel and William Hines - Society of Actuaries- 8p