In the wake of the global financial crisis in June 2016, the FASB released a new Credit Loss standard requiring immediate recognition of estimated credit losses expected over the life of financial assets. As many insurers lagged banks in implementing the new standard, they are now playing catchup. This presentation will discuss practical approaches, options and real world examples insurers have used when applying the standard to assets such as held to maturity securities (HTM), available for sale securities (AFS), loans and reinsurance recoverables in the context of their balance sheets.
KPMG’s David Anderson and Scott Bain will focus on an overview of CECL as well as the latest developments from the standard setters. David is a director in KPMG’s risk consulting practice has focused his career on solving complex accounting issues and accounting driven change including the rollout of risk and credit related frameworks for CECL (ASU 2016-13). Scott has over 18 years of technical accounting, financial reporting, SEC reporting, and Regulatory reporting experience. His current focus assisting clients with new standard implementation.
About SIFM: SIFM is an exclusive network of insurance financial professionals from global insurance, reinsurance companies, public accounting firms and their servicing organizations. Membership grants exclusive access to our network of industry peers, resources and expert knowledge. Click to view upcoming conference agenda and read speaker bios.
For more information contact: Diane Mensinger (973 303 6297) or visit SIFM.org.