Minding the GAAP, GAAP Accounting For Beginners:
Part 2 - DAC
1.8 SOA/EA CPD, CAS CE Credits/Training Hours
Have you ever heard a lot of chatter about DAC and wanted to understand its mechanics in more detail? Are you currently in a role that requires GAAP accounting knowledge but don't have a good handle on DAC?
This webinar is the second in a series of webinars that explores the GAAP Accounting Framework for "beginners". This webinar will be an overview of DAC as it pertains to Life and/or Annuity companies. Attendees will be able to feel conversant about DAC, it's purpose, it's calculation, and it's context in financial statements.
Specific topics covered will include:
- Deferred Acquisition Cost Examples
- Calculations by product type and accounting classification
- Retrospective and Prospective Calculations (Everyone loves k-factors!)
- True up and Unlocking
- Recoverability and Loss Recognition Testing
- Shadow DAC
- Common drivers of DAC Volatility
Webinar attendees will walk away with some basic numerical examples of DAC amortization, true up/unlocking, loss recognition testing, etc. There will also be a short e-course available for purchase in addition to this webinar for any attendees that want to walk through the webinar topics in a very granular manner.
Who should attend?
- FSAs/ASAs/students with minimal experience in a GAAP context that are interested in learning more about DAC
- Accountants that would like to learn more about DAC
- Actuaries in non-GAAP countries seeking an understanding of GAAP to be more conversant with international colleagues and clients
Instructor Ben Wacker, FSA, MAAA is Chief Actuary at Northstar Financial Ltd. and Co-Founder of ACE Manuals. He has worked in GAAP valuation and pricing roles at three different companies that have sold LTC, traditional, UL, fixed and variable annuities, and fixed indexed annuities. He has also taught GAAP accounting, along with Jacob McCoy, over the past decade for the SOA’s ILA CSP / LFV exams.
Instructor Jacob McCoy, FSA, MAAA is Co-Founder of ACE Manuals. He has worked in insurance pricing roles in both individual and group insurance. He has also taught GAAP accounting, over the past decade for the SOA’s ILA CSP / LFV exams.
The registration fee includes access to the webcast recording and supplemental materials for up to 180 days.
All prices are in USD.
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