Odomirok.1-5-Intro

Reading: Financial Reporting Through the Lens of a Property/Casualty Actuary - Chapters 1,2,3,4,5 - Introduction to Financial Reporting

Author: Kathleen C. Odomirok, FCAS, MAAA, Liam M. McFarlane, FCIA, FCAS, Gareth L. Kennedy, ACAS, MAAA, Justin J. Brenden, FCAS, MAAA, EY

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BA Quick-Summary: Introduction to Financial Reporting The first five chapters of the financial reporting text cover basic accounting principles. Financial reporting communicates a company's financial health and results, governed by standards like: Statutory Accounting Principles (SAP) Generally Accepted Accounting Principles (GAAP) International Financial Reporting Standards (IFRS). Each framework has distinct rules and objectives such as: SAP's conservative approach for regulatory oversight GAAP's alignment with financial performance. Actuaries play a crucial role in estimating liabilities and ensuring compliance with these standards, essential for effective financial analysis and regulatory compliance.

Study Tips

Spend no more than 15 minutes on this reading. You probably already know these basic accounting concepts, but it won't hurt to review them.

BattleTable

• this reading has not been tested on any exam from the year 2012 to Fall 2019 when the exams stopped being published.

reference	part (a)	part (b)	part (c)	part (d)
no prior questions

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In Plain English!

This is a good time to review SAP versus GAAP 8-9 from Odomirok.8-9-IS.

Note that this is also discussed in SAP versus GAAP 22-23 from Odomirok.22-23-GAAP.

The quiz below covers a few more basic accounting concepts.

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