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...
+
* <span style="color: green;">'''SAP vs GAAP'''</span> concepts
−
* fact 2...
+
* <span style="color: blue;">'''SAP calculation'''</span> - ''surplus, goodwill, admitted assets, liabilities, 10-year loss development (10K exhibit)''
 +
* <span style="color: brown;">'''GAAP calculation'''</span> - ''surplus, goodwill''
 +
* other miscellaneous concepts: ''fair value, IFRS,...''
  
 
: {| class="wikitable" style="width: 1000px;"
 
: {| class="wikitable" style="width: 1000px;"
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|-
 
|-
 
| [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
+
|| <span style="color: brown;">'''GAAP calculation:'''</span> <br> - surplus
−
|| '''SAP vs GAAP''': <br> - bonds/stocks
+
|| <span style="color: green;">'''SAP vs GAAP:'''</span> <br> - bonds/stocks
 
|| '''SAP''': <br> - bond treatment
 
|| '''SAP''': <br> - bond treatment
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
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|-
 
|-
 
| [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''': <br> - effects of reinsurance
+
|| <span style="color: green;">'''SAP vs GAAP:'''</span> <br> - effects of reinsurance
−
|| '''GAAP''': <br> - effects of reinsurance
+
|| <span style="color: green;">'''SAP vs GAAP:'''</span> <br> - effects of reinsurance
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
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| [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''': <br> - fair value of liabilities
 
|| '''GAAP''': <br> - fair value of liabilities
−
|| '''SAP vs GAAP''' <br> - goodwill
+
|| <span style="color: green;">'''SAP vs GAAP:'''</span> <br> - goodwill
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
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|-
 
|-
 
| [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 vs GAAP''': <br> - purpose
+
|| <span style="color: green;">'''SAP vs GAAP:'''</span> <br> - purpose
−
|| '''SAP vs GAAP''': <br> - various items
+
|| <span style="color: green;">'''SAP vs GAAP:'''</span> <br> - various items
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
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|-
 
|-
 
| [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>
−
|| '''GAAP''': <br> - calculate goodwill
+
|| <span style="color: brown;">'''GAAP calculation:'''</span> <br> - goodwill
−
|| '''SAP ''(goodwill)''''': <br> - calculation/amortization
+
|| <span style="color: blue;">'''SAP calculation:'''</span> <br> - goodwill
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
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|-
 
|-
 
| [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
+
|| <span style="color: blue;">'''SAP calculation:'''</span> <br> - admitted assets
−
|| '''SAP''': <br> - calculate liabilities
+
|| <span style="color: blue;">'''SAP calculation:'''</span> <br> - liabilities
−
|| '''SAP vs GAAP''': <br> - various items
+
|| <span style="color: green;">'''SAP vs GAAP:'''</span> <br> - various items
 
| style="background-color: lightgrey;" |
 
| 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>
−
|| '''surplus''': <br> - calculate surplus <span style="color: red;">'''(6 pts)'''</span>
+
|| <span style="color: blue;">'''SAP calculation:'''</span> <br> - surplus <span style="color: red;">'''(6 pts)'''</span>
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
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|-
 
|-
 
| [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>
−
|| '''GAAP surplus''': <br> - calculate
+
|| <span style="color: brown;">'''GAAP calculation:'''</span> <br> - surplus
−
|| '''SAP vs GAAP''': <br> - various items
+
|| <span style="color: green;">'''SAP vs GAAP:'''</span> <br> - various items
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
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|-
 
|-
 
| [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 vs GAAP''': <br> - intended user
+
|| <span style="color: green;">'''SAP vs GAAP:'''</span> <br> - intended user
−
|| '''SAP vs GAAP''': <br> - DAC, loss discounting
+
|| <span style="color: green;">'''SAP vs GAAP:'''</span> <br> - DAC, loss discounting
−
|| '''SAP v GAAP''': <br> - refer to (a) & (b)
+
|| <span style="color: green;">'''SAP vs GAAP:'''</span> <br> - refer to (a) & (b)
 
|| '''general''': <br> - rent/buy furniture
 
|| '''general''': <br> - rent/buy furniture
  
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|-
 
|-
 
| [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>
−
|| '''10-yr loss development''': <br> - calculate (10K exhibit)
+
|| <span style="color: blue;">'''SAP calculation:'''</span> <br> - 10-yr loss development
 
|| '''loss & DCC reserves''': <br> - accuracy
 
|| '''loss & DCC reserves''': <br> - accuracy
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
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|| '''SAP vs GAAP vs IFRS''': <br> - reinsurance recoveries
 
|| '''SAP vs GAAP vs IFRS''': <br> - reinsurance recoveries
 
|| '''SAP vs IFRS''': <br> - loss reserve discounting
 
|| '''SAP vs IFRS''': <br> - loss reserve discounting
−
|| '''SAP vs GAAP''': <br> - acquisition costs
+
|| <span style="color: green;">'''SAP vs GAAP:'''</span> - acquisition costs
 
| style="background-color: lightgrey;" |
 
| style="background-color: lightgrey;" |
  

Revision as of 15:13, 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:

  • SAP vs GAAP concepts
  • SAP calculation - surplus, goodwill, admitted assets, liabilities, 10-year loss development (10K exhibit)
  • GAAP calculation - surplus, goodwill
  • other miscellaneous concepts: fair value, IFRS,...
reference part (a) part (b) part (c) part (d)
E (2018.Spring #19) GAAP calculation:
- surplus 		SAP vs GAAP:
- bonds/stocks 		SAP:
- bond treatment
E (2017.Fall #12) SAP vs GAAP:
- effects of reinsurance 		SAP vs 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 calculation:
- goodwill 		SAP calculation:
- goodwill
E (2016.Spring #15) SAP calculation:
- admitted assets 		SAP calculation:
- liabilities 		SAP vs GAAP:
- various items
E (2014.Fall #15) SAP calculation:
- surplus (6 pts)
E (2014.Fall #19) GAAP calculation:
- surplus 		SAP vs GAAP:
- various items
E (2014.Spring #21) SAP vs GAAP:
- intended user 		SAP vs GAAP:
- DAC, loss discounting 		SAP vs 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) SAP calculation:
- 10-yr loss development 		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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