Odomirok.22-23-GAAP

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

Pop Quiz

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

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

Full BattleQuiz You must be logged in or this will not work.

Full BattleQuiz You must be logged in or this will not work.

Memorize:

Conceptual:

Calculational: