Casualty Actuarial Society Releases New Textbook on Financial Reporting

ARLINGTON, Va., March 20 -- The Casualty Actuarial Society issued the following news release:

The Casualty Actuarial Society (CAS) has released "Financial Reporting through the Lens of a Property/Casualty Actuary" (http://www.casact.org/library/studynotes/Odomirok-etal_Financial-Reporting.pdf) (Financial Reporting) as a comprehensive resource for actuarial candidates, practicing actuaries, and other insurance professionals.

Ernst & Young LLP was retained by the CAS to write a new textbook on financial reporting and taxation as it affects reserving and statutory reporting. Kathleen C. Odomirok, FCAS, MAAA; Liam M. McFarlane, FCAS, FCIA; Gareth L. Kennedy, ACAS, MAAA; and Justin J. Brenden, FCAS, MAAA of Ernst & Young authored the text.

The CAS adopted "Financial Reporting" as required reading for candidates sitting for both the United States and Canadian versions of CAS Exam 6, Regulation and Financial Reporting, beginning in 2013. In addition, the text will serve as a useful ongoing reference for practicing property/casualty actuaries and other insurance professionals.

The nearly 400-page textbook provides a detailed account of the following topics:

* Basic Accounting Concepts

* Statutory Accounting Principles in the U.S.: Fundamental Aspects of the Annual Statement

* Statutory Filings to Accompany the Annual Statement

* Financial Health of Property/Casualty Insurance Companies in the U.S.

* Differences from Statutory to other Financial/Regulatory Reporting Frameworks in the U.S.

* Canadian-Specific Reporting

* The Future of Statutory Accounting Principles The textbook is supplemented by a glossary of terms and two appendices with excerpts from the 2011 annual statements for fictitious insurance companies in the United States and Canada.

The publication achieves two key objectives identified by the CAS:

* For CAS candidates, it replaces a variety of separate readings that existed on the CAS Syllabus of Basic Education with a single educational publication, while refining the content of the syllabus material to focus on financial accounting and taxation topics that are of particular relevance to the property/casualty actuary.

* For CAS members, it provides a comprehensive reference for the accounting standards that govern financial reporting for property/casualty insurance companies. It will assist members in continuing to meet the needs and requirements of stakeholders and regulators.

"The new 'Financial Reporting' textbook, with its examination of the issues through the lens of a property/casualty actuary, again demonstrates how the CAS's unwavering focus on property/casualty practice brings value to our key constituents, and I applaud the authors and reviewers for their efforts," commented CAS President Gary Josephson. He added, "By providing our members and candidates with the specialized knowledge and resources they need to be uniquely qualified for property/casualty work, we continue to set the standard for the property/casualty actuarial profession."

"Financial Reporting" is available to practicing actuaries and other insurance professionals for download as a PDF from the CAS website at no cost. A hard copy, printed unbound on 3-hole paper, may also be purchased from the CAS website's online store for $49.

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