Derivative Accounting and Reporting

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What you will learn:

Derivatives are complex financial instruments used by many insurance companies to manage their exposure to various types of risks. Participants in this seminar will learn how derivatives are defined and how insurance companies utilize them to manage risk. The course will explore, through class examples, the nuances that arise from variations in statutory and GAAP accounting treatment. Participants will also obtain an understanding of the documentation, hedge classification, reporting and disclosure requirements for this specialized Statutory and GAAP accounting topic. The seminar will cover the existing hedge accounting guidance under International Financial Reporting Standards (IFRS), the difference between GAAP and IFRS as well as new developments.

Seminar content:

• Derivative definition
• Common uses of derivatives
• GAAP accounting
• Statutory accounting
• Documentation requirements
• Statutory Schedule DB reporting
• Embedded derivatives (GAAP only)
• Statutory and GAAP disclosure requirements
• IFRS accounting

Field of Study: Accounting

Knowledge Level: Intermediate

Who Should Attend:

Accountants, auditors, investment specialist, financial managers and others working with or needing a better understanding of Statutory, GAAP and/or IFRS accounting and financial reporting for derivatives utilized by an insurance company.

Prerequisites:

No experience with derivatives is necessary as we will build from a definitional introduction through to ultimate reporting. Familiarity with the operations of the insurance industry will help a participant's understanding of the risks these instruments are often used to manage. We recommend that those who wish to become familiar with accounting and reporting for the full range of investments held by insurance companies consider combining this seminar with the Investment Accounting and Reporting seminar. No advance preparation is required for this seminar.

Class Times:

Class begins at 8:30 a.m. and ends at 5:00 p.m. on the first day and at 12:15 p.m. on the second day.

Estimated CPE Credit: 12.0 hours

Tuition: $1395

Note(s):

The combined tuition if both the Derivative Accounting and Reporting and Investment Accounting and Reporting seminars are taken together is $2,390, a $500 savings.

Upcoming seminar dates and locations:

There are no upcoming dates for this seminar.
Look for our 2012 schedule in February/March.

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