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Property and Liability Insurance Entities - Audit and Accounting Guide

Publisher: AICPA
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This resource will help you stay up to date on current GAAP and Statutory accounting and audit guidance related to property and liability insurance entities. It provides a good background of the property and liability insurance industry, products and regulatory issues, and the related transaction cycles that an insurance entity is involved with. Relevant guidance contained in standards issued through May 1, 2014 is included.

Key Benefits:

  • Understand current GAAP and Statutory accounting for property and liability insurance entities
  • Get authoritative accounting and auditing guidance applicable to property and liability insurance entities.
  • Properly develop an audit plan for auditing loss reserves
  • Understand how the changes in the GAAS clarity standards impact the auditor’s report - Examples of reports on audited financial statements in conformity with the GAAS Clarity standards, including an auditor’s report on general use financial statements of an insurance enterprise prepared in accordance with SAP.
  • Easily educate your staff on property and liability insurance

Updates:

  • FASB ASC 210-20-50, Balance Sheet – Offsetting, (Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities)
  • SSAP No. 62R, Property and Casualty Reinsurance, requirements to disclose the impact on any reporting period in which a certified reinsurer’s rating has been downgraded or its certified reinsurer status is subject to revocation and additional collateral has not been received as of the filing date.
  • SSAP No. 36, Troubled Debt Restructuring, updated to adopt with modification additional guidance on 1) determining whether a creditor has granted a concession; 2) determining whether a debtor is experiencing financial difficulties; 3) evaluating whether a restructuring results in a delay in payment that is insignificant; and 4) two disclosures for creditors with troubled debt.
  • SSAP No. 97, Investments in Subsidiary, Controlled, and Affiliated Entities, A Replacement of SSAP No. 88, updated for when various opinions are issued in which an entity can record certain investments under the GAAP Equity method of accounting.
  • Accounting issues related to the Patient Protection and Affordable Care Act for assessments and premium stabilization programs (FASB ASC 720-50, SSAP No. 35R and NAIC Interpretation of the Emerging Accounting Issues Working Group (INT) 13-04, Accounting for the Risk Sharing Provisions of the Affordable Care Act ).
This product is also available in an online subscription format that includes the corresponding Insurance Industry Developments 2013/2014 - Audit Risk Alert, content updates and unlimited online access for 1 year. Select the Online Subscription option at the bottom of the page and save!
Online: Property and Liability Insurance Entities
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Product# WPL-XX
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