Life and Health Insurance Entities — AICPA Audit and Accounting Guide

AICPA Audit & Accounting Guides are developed and updated to provide guidance and discussions specific to current industry developments and trends.

The AICPA Life & Health Insurance Entities Audit and Accounting Guide, updated as of May 1, 2012, includes relevant guidance contained in standards issued through that date, supplemented with specific "how-to" recommendations that show how to apply the standards 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 revised to incorporate the new guidance and also to include two illustrative examples of how to determine deferrable acquisition costs. All content is reviewed by industry experts and the appropriate AICPA senior committee(s).

Updates significant to this edition include technical guidance contained in:

• FASB ASU 2010-26, Financial Services--Insurance (pic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts
  
  
• SSAP No. 101, Income Taxes--A Replacement of SSAP No. 10R and SSAP No. 10
  
  
• SSAP No. 43R, Loan-backed and Structured Settlements - Revised
  
  
• FASB ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
  

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