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