AFE Exam Dumps : Accredited Financial Examiner

GAAP have two important functions. First, they provide a set of standards that endeavor to measure with reasonable accuracy the assets held, liabilities owed, revenue earned, and expenses incurred by the company. For life insurance companies these measurement rules have been prescribed specifically for their specialized products. The second important function of GAAP is:

A lower net retention level typically would translate into a higher v\variability of reserves.

_______ include financial statements and notes, both on a consolidated and non consolidated basis.