- HRS Insight: New pension accounting for insurance companies
11/25/13 | Human resource services
The National Association of Insurance Commissioners has changed employers’ accounting for pensions and other postretirement benefits.
Point of viewPoint of view: Insurance contract accounting: The path forward
11/21/13 | Assurance services
If a single global insurance accounting standard is not achieved, PwC believes the FASB should only make targeted enhancements to its existing standards.
PwC comment letter (FASB)PwC comments on FASB's proposed ASU: Insurance Contracts
10/28/13 | Assurance services
PwC supports a converged standard. In the absence of a converged standard, we would support making targeted changes to current US GAAP.
Corporate Governance SeriesThe quarter close - Directors edition: A look at this quarter's financial reporting issues - Q3 2013
10/3/13 | Center for Board Governance
The Q3 2013 edition focuses on accounting and reporting issues for private companies that could impact public companies, statement of cash flows, entities under common control, contingencies, new vice-chairman at the FASB, PCAOB proposal on improving auditor reporting, and international developments on auditor rotation and retendering.
Setting the standardSetting the standard - September 2013
9/25/13 | Assurance services
Welcome to the latest edition of Setting the standard. It includes the latest updates on the standard-setting activities of the FASB and IASB. Learn more inside.
Quarter closeThe quarter close — Third quarter 2013: Publication and new video perspectives
9/17/13 | Assurance services
This edition updates you on recent FASB, SEC and other regulatory and corporate governance topics. Learn what's new now, and what to look for in the near future. We invite you to download our Q3 publication and view our new video perspectives.
DatalineDataline: Fixed-fee service contracts – FASB and IASB exposure drafts on insurance contracts may impact fixed-fee service contracts (No. 2013-21)
9/12/13 | Assurance services
The FASB and IASB issued exposure drafts related to insurance contracts that may change the accounting by non-insurers that sell fixed-fee service contracts.
DatalineDataline: Insurance contracts – FASB and IASB exposure drafts issued in June 2013 would significantly change accounting for insurance contracts (No. 2013-19)
8/14/13 | Assurance services
The FASB and IASB issued exposure drafts that would fundamentally change the accounting by insurers and other entities that issue contracts with insurance risk.
- Systemically important insurers: Global follows US lead
8/6/13 | Financial services regulatory practice
On July 18, 2013, the International Association of Insurance Supervisors published a methodology for identifying global systemically important insurers.
- Insurance Banana Skins 2013
7/11/13 | Insurance
Insurance Banana Skins 2013 is piece of research conducted by PwC in association with the Centre for the Study of Financial Innovation (CSFI), an independent think tank. It's a survey of insurers and seeks out their views on current risk and future trends.
In briefIn brief: FASB issues its exposure draft on insurance contracts (No. 2013-33)
6/27/13 | Assurance services
The FASB published its exposure draft on insurance contracts on June 27 which proposes transformational changes in the measurement and reporting for insurance contracts.
Setting the standardSetting the standard -- What you need to know about the FASB's and IASB's standard setting activities -- June 2013
6/27/13 | Assurance services
This edition includes the latest information on the standard-setting activities of the FASB and IASB. Learn about key accounting and reporting changes being considered.
In briefIn brief: IASB issues revised exposure draft on insurance contracts (No. 2013-31)
6/24/13 | Assurance services
The IASB has published a targeted revised exposure draft with a 120 day comment period that will fundamentally change the accounting by issuers of insurance contracts. Read our In brief article for more information on the exposure draft.
Quarter closeThe quarter close — Second quarter 2013: Publication and new video perspectives
6/18/13 | Assurance services
This edition updates you on recent FASB, SEC and other regulatory and corporate governance topics. Learn what's new now, and what to look for in the near future. We invite you to download our Q2 publication and view our new video perspectives.
DatalineDataline: Insurance contracts - An exposure draft is expected in Q2 2013 that would significantly change accounting for insurance contracts (Superseded by Dataline 2013-19 on 08/14/2013) (No. 2013-11)
6/7/13 | Assurance services
The FASB’s proposal, expected in June 2013, on accounting for insurance contracts could fundamentally change earnings patterns for insurers and some banks.
WebcastInsurance Contracts Webcast – June 12, 2013
Watch PwC's Insurance Contracts webcast which focuses on the current views of the FASB and IASB on key components of the project.
- May the distribution forces be with you: Developing the right P&C insurance distribution strategies for international markets
5/23/13 | Financial Services Institute
Distribution can offer insurers a more secure path to sustainable competitive differentiation because it directly strengthens customer relationships, improving the ability of insurers to both acquire and retain customers.
In briefIn brief: FASB will issue an exposure draft of an insurance contracts standard (No. 2013-27)
5/23/13 | Assurance services
FASB voted on May 23, 2013 to issue an exposure draft on insurance contracts that could fundamentally change earnings and revenue patterns for insurers and some banks.
- IASB/FASB Insurance Contracts Project - Meeting summaries
5/23/13 | Insurance
Insurers currently use a variety of different and largely inconsistent local approaches to measure the value of insurance contracts within their statutory financial statements. This diversity makes it difficult to compare companies and may fail to reflect the true economic value of insurance business, which can put insurers at a considerable disadvantage when competing for capital.
- NAIC meeting notes: Spring 2013
5/8/13 | Insurance
NAIC Spring National Meeting in Houston April 2013. Newsletter contains information on activities that occurred in some of the committees, task forces and working groups that met at the meeting.
- Eyes on the prize: Implementing fast, flexible policy administration systems in the P&C insurance sector
4/23/13 | Financial Services Institute
In this publication, we focus on the execution and investigation on how to operationalize these goals through the use of PwC’s Policy Administration Delivery Framework.
- IRS proposes regulations on compensation deduction limitation for health insurance providers
4/5/13 | Human resource services
The IRS has issued proposed regulations on the $500,000 compensation deduction limit for remuneration paid to employees, officers and directors of certain health insurance providers.
Setting the standardSetting the standard -- What you need to know about the FASB's and IASB's standard setting activities -- March 2013
3/25/13 | Assurance services
Our Q1-2013 edition provides updates on the latest developments in revenue recognition, classification and measurement of financial instruments, impairment of financial assets, leases, insurance contracts, and more.
- The insurance industry and FATCA – Moving from assessment to implementation: Top 13 in ’13
3/20/13 | Financial services
The final FATCA regulations released in January brought clarity on some issues the insurance industry had identified in the proposed regulations. While some provisions in the final regulations attempt to simplify the impact on the insurance industry, other provisions have ultimately complicated FATCA's impact.
- Life insurance is “sold” and not “bought” – for how long? A perspective on direct-to-consumer life insurance
2/14/13 | Financial Services Institute
After decades of relying on agency distribution, life insurers are unprepared to keep up with changing consumer buying habits and behaviors. The number of life insurance agents continues to decline as more consumers turn to the Web for insurance. Insurers must adapt their go-to-market strategies toward direct distribution or risk losing market share.
In briefIn brief: FASB decides on new accounting model for certain guarantees (No. 2013-06)
2/6/13 | Assurance services
The FASB decided at its February 6 meeting that certain guarantees issued by non-insurers, including certain financial guarantees issued by banks and other financial institutions, should be included in the scope of the proposed insurance contracts standard. The FASB’s tentative decision will be exposed for comment as part of its insurance contracts exposure draft. The exposure draft is expected by the end of the second quarter of 2013. This In brief article provides an overview of the FASB's tentative decision.
- How do the final FATCA regulations impact insurers?
1/28/13 | Financial services
PwC released an earlier newsbrief on January 18, 2013 highlighting many of the distinctions between the proposed and final FATCA regulations, which potentially apply to all industries. To supplement the earlier newsbrief, this newsbrief describes the most notable differences between the proposed and final regulations that will impact insurers.
- Top Insurance Industry Issues in 2013: Contingent business interruption (CBI) and principles based reserving (PBR)
1/28/13 | Insurance
In the wake of recent natural disasters, CBI has new approaches to modeling and risk assessment. Principles based reserving (PBR) for life products will require many insurers to take a fresh look at their systems, processes, data and governance for both pricing and valuation. read the first two sections of the 2013 edition of Top Issues, which PwC will release in its entirety in March.
- Game on: How information is changing the rules of insurance
11/27/12 | Financial Services Institute
Gaining an Information Advantage is no longer about generating insights. It is about making effective, efficient decisions and integrating information into everyday operations.
- Tax accounting for insurance companies - 2012
11/27/12 | Insurance
This paper discusses the important changes to income tax accounting under statutory accounting principles (SAP), including accounting for uncertain tax positions, which became effective on January 1, 2012.
DatalineDataline: Accounting and disclosure implications of Hurricane Sandy (No. 2012-17)
11/12/12 | Assurance services
Hurricane Sandy is expected to be the second-costliest Atlantic hurricane in history, only surpassed by Hurricane Katrina in 2005. Many businesses were disrupted by Hurricane Sandy and its aftermath including the New York Stock Exchange, which was closed for two days. While not all-inclusive, this Dataline discusses several accounting and disclosure-related matters companies may encounter in dealing with the financial reporting implications of Hurricane Sandy.
DatalineDataline: Insurance contracts -- Comment letter themes being addressed in fast paced redeliberations (revised March 4, 2011*) (No. 2011-14)
2/25/11 | Assurance services
Several key issues surfaced from the comment letters, three public roundtable discussions, and other outreach efforts regarding the IASB's July 2010 exposure draft (ED) and the FASB's related September 2010 discussion paper (DP) setting out proposed changes to insurance accounting. Respondents' preferences on the overall measurement model were mixed with US constituents tending to support the FASB approach (in the event of a converged standard), and a clear majority of non-US constituents supporting the IASB approach. This Dataline provides a brief summary of the FASB DP and IASB ED along with a detailed analysis of the comments received on both the DP and ED for major issues, as well as the steps the boards have taken through February...
DatalineDataline: Accounting for costs associated with acquiring or renewing insurance contracts -- Questions and interpretive responses on implementing ASU 2010-26 (No. 2011-01)
1/5/11 | Assurance services
In October 2010, the FASB released ASU 2010-26, Financial Services--Insurance (Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts. The ASU represents a final consensus of the Emerging Issues Task Force on Issue 09-G. ASU 2010-26 will likely change how insurance companies account for acquisition costs, particularly in determining what costs are deferrable. The new requirements are effective for fiscal years beginning after December 15, 2011, either prospectively or by retrospective adjustment. Earlier application is permitted as of the beginning of a company's annual reporting period (e.g., in 2011 for calendar year companies). This Dataline highlights certain frequently asked questions about the...