Odomirok.22-23-GAAP

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: - 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: