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This guide summarizes new standards, guidance, and practices, and delivers "how-to" advice for handling audit and accounting issues common to the insurance industry.
Due to the clarification in the definition of the types of acquisition costs that can be capitalized, as provided by ASU No. 2010-26, Financial Services—Insurance (Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts, the accounting content of Chapter 10 “Commissions, General Expenses, and Deferred Acquisition Costs” of this Guide, has been updated since the original release of the 2011 edition of the guide. The revisions incorporate the new guidance and also include two illustrative examples of how to determine deferrable acquisition costs. The examples included are meant to be illustrative, and the actual determination of deferrable acquisition costs under FASB ASC 944, Financial Services—Insurance, should be based on the facts and circumstances of an entity’s specific situation.
Until the summer of 2012, when the 2012 paperback edition of this Guide is available, the online version will be the only offering containing the new version of Chapter 10.
With the exception of the accounting guidance in Chapter 10 that has been updated as of January 2012, this guide has been updated with conforming changes as of May 1, 2011, the guide includes relevant guidance contained in official standards and other technical sources, including the FASB Accounting Standards Codification™.
The guide offers clear and practical guidance on recent developments in areas such as risk assessment, fair value measurements, and internal controls. All content is reviewed by industry experts and approved by the appropriate AICPA senior technical committee(s). The following other new guidance are particularly significant to this guide and are reflected in this edition:
For a topical listing of subject matter by chapter, click on the Table of Contents tab.