Derivatives Implementation Group
Summary of March 14,
2001 Board Meeting Discussion on Statement 133 Implementation
Issues
Financial instruments: derivatives
implementation. At its March 14, 2001 meeting, the Board
decided not to object to the staff's issuing guidance in a
question-and-answer format (Q&A) for the following seven
Implementation Issues regarding FASB Statement No. 133,
Accounting for Derivative Instruments and Hedging
Activities:
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Issue A16
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Synthetic Guaranteed Investment Contracts
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Issue B25
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Deferred Variable Annuity Contracts with Payment
Alternatives at the End of the Accumulation Period
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Issue B26
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Dual-Trigger Property and Casualty Insurance
Contracts
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Issue B27
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Dual-Trigger Financial Guarantee Contracts
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Issue B28
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Foreign Currency Elements of Insurance Contracts
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Issue B29
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Equity-Indexed Annuity Contracts with Embedded
Derivatives
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Issue B30
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Application of Statement 97 and Statement 133 To
Equity-Indexed Annuity Contracts
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However, with respect to Question 4 in Issue B25, the
Board directed to the staff to remove the portion of the guidance
relating to accounting for a period-certain plus life-contingent
variable annuity, which will be revised and posted to the website
for further public comment.
The tentative guidance in the above seven
Implementation Issues was based on the results of discussion by the
Derivatives Implementation Group (DIG) and had been posted on the
FASB website since December 6, 2000.
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