• Updated mortality tables affect employee benefit plans

    The Society of Actuaries recently released new mortality tables for use by plan sponsors when measuring benefit plan costs and obligations. The new tables, RP-2014 (mortality tables) and MP-2014 (longevity improvement scale), will most likely result in higher defined benefit obligations in benefit plans.
  • Progress report: International convergence of accounting standards

    In 2002, FASB and the IASB agreed to work together to develop high-quality, compatible accounting standards that could be used for both domestic and cross-border financial reporting. Since then, the bodies’ efforts to achieve the so-called “convergence” of US GAAP and IFRS have had their ups and downs. Going forward, US standard setters propose an informal, collaborative model that will minimize differences in financial reporting, in lieu of the IASB’s one-size-fits-all approach. This article looks back at what’s happened with convergence to date and examines the future direction of financial reporting in a global marketplace.
  • Cybersecurity: Stay ahead of an evolving landscape

    While safeguarding information assets is not a new business objective, cybersecurity has emerged as an area of critical concern for executives and boards of directors. As organizations’ key business operations have become more technology-reliant, they also have become more vulnerable to a cyber-attack.
  • Corporate governance standards are nearing final adoption–Now is the time for insurers to assess their governance structure

    At the November 2014 National Association of Insurance Commissioners (NAIC) meeting, the Executive Committee is expected to formally adopt the Corporate Governance Annual Disclosure Model Act and the Corporate Governance Annual Disclosure Model Regulation (collectively “the Act”). The Act will require insurers of all sizes to make an annual filing with the lead state Insurance Commissioner which discloses the insurer’s corporate governance structure, policies and practices.