GAAP 1: Fundamentals of GAAP for Life Insurance Companies

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What You Will Learn:

Participants will gain an understanding of key GAAP concepts for life insurers, including the ways policyholder reserves and deferred policy acquisition costs drive GAAP financial results. Participants will become familiar with the fundamentals of GAAP guidance for life insurance companies–including accounting and reporting for products, reinsurance and invested assets.

Seminar Content:

• Evolution of GAAP for life insurance companies
• Survey of the elements of a GAAP annual report
• GAAP product accounting and reporting
  • The six product classifications under GAAP
  • Revenue recognition rules, reserve concepts and deferred policy acquisition costs (DPAC)
  • Traditional contracts
  • Non-traditional contracts
• Reinsurance
• GAAP for invested assets
  • Valuation rules
  • Investment income and capital gains
  • Required disclosures

Field of Study: Accounting

Who Should Attend:

Anyone who prepares, reviews, audits, or contributes to GAAP financial statements. Also, analysts, management or others seeking insight into the most significant drivers of GAAP financial results for life insurers.

Prerequisites:

No advance preparation or prerequisite is required for this basic level seminar. The GAAP 2 and International Financial Reporting Standards seminars are conveniently scheduled to follow this seminar as they are designed to complement this seminar by addressing more advanced topics and the convergence.

Class Times:

Class begins at 8:30 a.m. and ends at 5:00 p.m. on the first day and at 3:00 p.m. on the second day.

Estimated CPE Credit: 14.0 hours

Tuition: $1495

Note(s):

The combined tuition if both the GAAP 1 and GAAP 2 seminars are taken together is $2,490, a $400 savings.
The combined tuition if both GAAP 1 and International Financial Reporting Standards seminars are taken together is $2,590, a $400 savings.

Upcoming seminar dates and locations:

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