Technical Director File Reference No. 2023-ED700 Financial Accounting Standards Board (FASB)

8, Conceptual Framework for Financial Reporting Dear Technical Director, On behalf of the Financial Reporting Committee and the Life GAAP Reporting Committee of the American Academy of Actuaries,1 I appreciate the opportunity to comment on the questions included in the exposure draft of Chapter 6: Measurement, of Concepts Statement No. [...] The remeasurements under the standards above are not the result of an impairment of an asset’s value. [...] The LFPB is measured at an entry price at the time of the sale. [...] Subsequent measurement includes a current discount rate, which is consistent with an exit price, and remeasurement 1 The American Academy of Actuaries is a 20,000-member professional association whose mission is to serve the public and the U. [...] Question 5: Do you agree that the entry price and exit price systems, as explained in paragraph M7, are the only two relevant and representationally faithful measurement systems that would meet the objective of general purpose financial reporting? Please explain why or why not.