Odomirok.22-23-GAAP
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Chapter 22 is about U.S. GAAP accounting. Chapter 23 is about Fair Value Under Purchase GAAP.
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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:
- surplusSAP vs GAAP:
- bonds/stocksSAP:
- bond treatmentE (2017.Fall #12) SAP vs GAAP:
- effects of reinsuranceSAP vs GAAP:
- effects of reinsuranceE (2017.Fall #19) GAAP:
- fair value of liabilitiesSAP vs GAAP:
- goodwillE (2017.Fall #20) SAP vs GAAP:
- purposeSAP vs GAAP:
- various itemsE (2016.Fall #18) GAAP calculation:
- goodwillSAP calculation:
- goodwillE (2016.Spring #15) SAP calculation:
- admitted assetsSAP calculation:
- liabilitiesSAP vs GAAP:
- various itemsE (2014.Fall #15) SAP calculation:
- surplus (6 pts)E (2014.Fall #19) GAAP calculation:
- surplusSAP vs GAAP:
- various itemsE (2014.Spring #21) SAP vs GAAP:
- intended userSAP vs GAAP:
- DAC, loss discountingSAP vs GAAP:
- refer to (a) & (b)general:
- rent/buy furnitureE (2014.Spring #22) fair-value reserves:
- required adjustmentsfair-value reserves:
- versus SAP reservesE (2014.Spring #23) SAP calculation:
- 10-yr loss developmentloss & DCC reserves:
- accuracyE (2012.Fall #23) SAP vs GAAP vs IFRS:
- reinsurance recoveriesSAP vs IFRS:
- loss reserve discountingSAP vs GAAP: - acquisition costs
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In Plain English!
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Memorize:
Conceptual:
Calculational: