Here is the list of Key GAAP Phrases:

•FASB - Financial Accounting Standards Board
•FASB 60 - Accounting for non-par contracts - 1982
•FASB 120 - Accounting and Reporting by Mutual Life Insurance Enterprises – 1995
•FASB 97 - Accounting for investment and universal life contracts 1987
•FASB 109 - Accounting for income taxes
•FASB 113 - Accounting for reinsurers - 1992
•FASB 133 - Accounting for derivatives - 2001
•FASB 115, Accounting and Reporting for Certain Investments in Debt and Equity Securities - 1993
•DAE – Deferred Acquisition Expenses
•DAC – Deferred Acquisition Costs
•EGM – Estimated Gross Margins - Amortization base for participating products
•EGP – Estimated Gross Profits - Amortization base for participating products
•K Factor - Amortization rate (applied to gross premiums, EGPs, or EGMs)
•PAD - Provision for Adverse Deviation
•SOP - Statement of Position
•SOP 03-1 - Accounting for GMDB, GMIB, persistency bonus, bonus interest - 2003
•SOP 00-3 - Accounting by Insurance Enterprises for Demutualizations and Formations of Mutual Insurance Holding Companies and for Certain Long-Duration Participating Contracts - 2000
•SOP 05-1 - Accounting by Insurance Enterprises for Deferred Acquisition Costs in Connection With Modifications or Exchanges of Insurance Contracts - 2005
•SOP 95-1 - Accounting for participating products
•SOP 99-20 - Accounting for certain securitized assets
•URL - Unearned Revenue Liability
•ABS - Asset Backed Security
•AcSEC - Accounting Standards Executive Committee
•DIG - Derivatives Implementation Group
•IRR - Internal Rate of Return