This resource will help you stay up-to-date on current GAAP and statutory accounting and audit guidance related to life and health insurance entities. It also provides a good background of the life and health 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 August 1, 2014 is included.
Reviews the characteristics of life insurance products, as well as a background of all the related transaction cycles that an insurance entity is involved with.
Provides helpful information for developing audit plans of life insurance entities (especially auditing investments, inforce files, reinsurance, insurance revenues, liabilities for future policy benefits, income taxes and deferred acquisition costs).
Supplies current requirements under the Patient Protection and Affordable Care Act, and related accounting implications under FASB ASC 720-50, SSAP No. 106, Affordable Care Act Assessments, and NAIC Interpretation of the Emerging Accounting Issues Working Group (INT) 13-04, Accounting for the Risk Sharing Provisions of the Affordable Care Act
Supplies current requirements under SSAP No. 61R, Life and Health Reinsurance Agreements, for accounting for reinsurance ceded to certified reinsurers and unauthorized reinsurers.
Explains how the changes in the GAAS clarity standards impact the auditor's report, with 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.
Updates or Regulatory bullet points:
FASB ASC 720-50, SSAP No. 106, Affordable Care Act Assessments, and NAIC Interpretation of the Emerging Accounting Issues Working Group (INT) 13-04, Accounting for the Risk Sharing Provisions of the Affordable Care Act
SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance
SSAP No. 36, Troubled Debt Restructuring
SSAP No. 97, Investments in Subsidiary, Controlled, and Affiliated Entities
SSAP No. 105, Working Capital Finance Investments
SSAP No. 103, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities
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