Difference between revisions of "Odomirok.22-23-GAAP"

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Based on past exams, the '''main things''' you need to know ''(in rough order of importance)'' are:
 
Based on past exams, the '''main things''' you need to know ''(in rough order of importance)'' are:
  
−
*
+
* fact 1...
−
*
+
* fact 2...
  
 
: {| class="wikitable" style="width: 1000px;"
 
: {| class="wikitable" style="width: 1000px;"
 
|-
 
|-
−
! style="width: 175px;" | reference !! part (a) !! part (b) !! part (c) !! part (d)
+
! style="width: 175px;" | reference !! style="width: 175px;" | part (a) !! style="width: 175px;" | part (b) !! style="width: 175px;" | part (c) !! part (d)
  
 
|-
 
|-
 
| [https://www.battleacts6us.ca/pdf/Exam_(2018_1-Spring)/(2018_1-Spring)_(19).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2018.Spring #19)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2018_1-Spring)/(2018_1-Spring)_(19).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2018.Spring #19)'''</span>
−
||
+
|| '''GAAP surplus''': <br> - calculate
−
||
+
|| '''SAP vs GAAP''': <br> - bonds/stocks
−
||
+
|| '''SAP''': <br> - bond treatment
 +
| style="background-color: lightgrey;" |
 +
 
 
|-
 
|-
 
| [https://www.battleacts6us.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(12).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2017.Fall #12)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(12).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2017.Fall #12)'''</span>
−
|| '''SAP''': B/S & I/S items
+
|| '''SAP''': <br> - effects of reinsurance
−
|| '''GAAP''': B/S & I/S items
+
|| '''GAAP''': <br> - effects of reinsurance
−
||  
+
| style="background-color: lightgrey;" |
−
||  
+
| style="background-color: lightgrey;" |
  
 
|-
 
|-
 
| [https://www.battleacts6us.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(19).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2017.Fall #19)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(19).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2017.Fall #19)'''</span>
−
|| '''GAAP''': components of, and methodology for calculating, fair value of liabilities
+
|| '''GAAP''': <br> - fair value of liabilities
−
|| '''SAP v GAAP''': <u>goodwill</u>
+
|| '''SAP vs GAAP''' <br> - goodwill
−
||  
+
| style="background-color: lightgrey;" |
−
||  
+
| style="background-color: lightgrey;" |
  
 
|-
 
|-
 
| [https://www.battleacts6us.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(20).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2017.Fall #20)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(20).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2017.Fall #20)'''</span>
−
|| '''SAP v GAAP''': <u>purpose</u>
+
|| '''SAP vs GAAP''': <br> - purpose
−
|| '''SAP v GAAP''': acquisition costs, nonadmitted assets
+
|| '''SAP vs GAAP''': <br> - various items
−
||  
+
| style="background-color: lightgrey;" |
−
||  
+
| style="background-color: lightgrey;" |
  
 
|-
 
|-
 
| [https://www.battleacts6us.ca/pdf/Exam_(2016_2-Fall)/(2016_2-Fall)_(18).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2016.Fall #18)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2016_2-Fall)/(2016_2-Fall)_(18).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2016.Fall #18)'''</span>
−
|| '''calculate''': GAAP value of <u>goodwill</u> using cost of capital <span style="color: red;">'''(3.25 pts)'''</span>
+
|| '''GAAP''': <br> - calculate goodwill
−
|| '''SAP''': calculation & amortization of <u>goodwill</u>
+
|| '''SAP ''(goodwill)''''': <br> - calculation/amortization
−
||  
+
| style="background-color: lightgrey;" |
−
||  
+
| style="background-color: lightgrey;" |
  
 
|-
 
|-
 
| [https://www.battleacts6us.ca/pdf/Exam_(2016_1-Spring)/(2016_1-Spring)_(15).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2016.Spring #15)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2016_1-Spring)/(2016_1-Spring)_(15).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2016.Spring #15)'''</span>
−
||  
+
|| '''SAP''': <br> - calculate admitted assets
−
||  
+
|| '''SAP''': <br> - calculate liabilities
−
||  
+
|| '''SAP vs GAAP''': <br> - various items
−
||  
+
| style="background-color: lightgrey;" |
  
 
|-
 
|-
 
| [https://www.battleacts6us.ca/pdf/Exam_(2014_2-Fall)/(2014_2-Fall)_(15).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2014.Fall #15)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2014_2-Fall)/(2014_2-Fall)_(15).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2014.Fall #15)'''</span>
−
|| '''calculate''': <u>''surplus''</u> <span style="color: red;">'''(6 pts)'''</span>
+
|| '''surplus''': <br> - calculate surplus <span style="color: red;">'''(6 pts)'''</span>
−
||  
+
| style="background-color: lightgrey;" |
−
||  
+
| style="background-color: lightgrey;" |
−
||  
+
| style="background-color: lightgrey;" |
  
 
|-
 
|-
 
| [https://www.battleacts6us.ca/pdf/Exam_(2014_2-Fall)/(2014_2-Fall)_(19).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2014.Fall #19)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2014_2-Fall)/(2014_2-Fall)_(19).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2014.Fall #19)'''</span>
−
|| '''calculate''': GAAP <u>''surplus''</u> <span style="color: red;">'''(3.25 pts)'''</span>
+
|| '''GAAP surplus''': <br> - calculate
−
|| '''SAP v GAAP''': B/S items
+
|| '''SAP vs GAAP''': <br> - various items
−
||  
+
| style="background-color: lightgrey;" |
−
||  
+
| style="background-color: lightgrey;" |
  
 
|-
 
|-
 
| [https://www.battleacts6us.ca/pdf/Exam_(2014_1-Spring)/(2014_1-Spring)_(21).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2014.Spring #21)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2014_1-Spring)/(2014_1-Spring)_(21).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2014.Spring #21)'''</span>
−
|| '''SAP v GAAP''': intended <u>user</u>
+
|| '''SAP vs GAAP''': <br> - intended user
−
|| '''SAP v GAAP''': DAC, discounting losses
+
|| '''SAP vs GAAP''': <br> - DAC, loss discounting
−
|| '''SAP v GAAP''': justify part (b) given answer to part (a)
+
|| '''SAP v GAAP''': <br> - refer to (a) & (b)
−
|| '''general''': why rent furniture ''(versus buy)''
+
|| '''general''': <br> - rent/buy furniture
  
 
|-
 
|-
 
| [https://www.battleacts6us.ca/pdf/Exam_(2014_1-Spring)/(2014_1-Spring)_(22).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2014.Spring #22)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2014_1-Spring)/(2014_1-Spring)_(22).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2014.Spring #22)'''</span>
−
||  
+
|| '''fair-value reserves''': <br> - required adjustments
−
||  
+
|| '''fair-value reserves''': <br> - versus SAP reserves
−
||  
+
| style="background-color: lightgrey;" |
 +
| style="background-color: lightgrey;" |
  
 
|-
 
|-
 
| [https://www.battleacts6us.ca/pdf/Exam_(2014_1-Spring)/(2014_1-Spring)_(23).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2014.Spring #23)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2014_1-Spring)/(2014_1-Spring)_(23).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2014.Spring #23)'''</span>
−
|| '''calculate''': 10-yr loss development table
+
|| '''10-yr loss development''': <br> - calculate (10K exhibit)
−
|| '''general''': comment on accuracy of loss & DCC reserves
+
|| '''loss & DCC reserves''': <br> - accuracy
−
||  
+
| style="background-color: lightgrey;" |
−
||  
+
| style="background-color: lightgrey;" |
  
 
|-
 
|-
 
| [https://www.battleacts6us.ca/pdf/Exam_(2012_2-Fall)/(2012_2-Fall)_(23).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2012.Fall #23)'''</span>
 
| [https://www.battleacts6us.ca/pdf/Exam_(2012_2-Fall)/(2012_2-Fall)_(23).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2012.Fall #23)'''</span>
−
||  
+
|| '''SAP vs GAAP vs IFRS''': <br> - reinsurance recoveries
−
||
+
|| '''SAP vs IFRS''': <br> - loss reserve discounting
−
||  
+
|| '''SAP vs GAAP''': <br> - acquisition costs
 +
| style="background-color: lightgrey;" |
  
 
|}
 
|}

Revision as of 02:09, 21 February 2019

Chapter 22 is about U.S. GAAP accounting. Chapter 23 is about Fair Value Under Purchase GAAP.

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Pop Quiz

BattleTable

Based on past exams, the main things you need to know (in rough order of importance) are:

  • fact 1...
  • fact 2...
reference part (a) part (b) part (c) part (d)
E (2018.Spring #19) GAAP surplus:
- calculate 		SAP vs GAAP:
- bonds/stocks 		SAP:
- bond treatment
E (2017.Fall #12) SAP:
- effects of reinsurance 		GAAP:
- effects of reinsurance
E (2017.Fall #19) GAAP:
- fair value of liabilities 		SAP vs GAAP
- goodwill
E (2017.Fall #20) SAP vs GAAP:
- purpose 		SAP vs GAAP:
- various items
E (2016.Fall #18) GAAP:
- calculate goodwill 		SAP (goodwill):
- calculation/amortization
E (2016.Spring #15) SAP:
- calculate admitted assets 		SAP:
- calculate liabilities 		SAP vs GAAP:
- various items
E (2014.Fall #15) surplus:
- calculate surplus (6 pts)
E (2014.Fall #19) GAAP surplus:
- calculate 		SAP vs GAAP:
- various items
E (2014.Spring #21) SAP vs GAAP:
- intended user 		SAP vs GAAP:
- DAC, loss discounting 		SAP v GAAP:
- refer to (a) & (b) 		general:
- rent/buy furniture
E (2014.Spring #22) fair-value reserves:
- required adjustments 		fair-value reserves:
- versus SAP reserves
E (2014.Spring #23) 10-yr loss development:
- calculate (10K exhibit) 		loss & DCC reserves:
- accuracy
E (2012.Fall #23) SAP vs GAAP vs IFRS:
- reinsurance recoveries 		SAP vs IFRS:
- loss reserve discounting 		SAP vs GAAP:
- acquisition costs

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In Plain English!

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Memorize:


Conceptual:


Calculational:

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