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Life and Health 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 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.

Key Benefits:

  • 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
  • FASB ASC 210-20-50, Balance Sheet - Offsetting, (Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities)
This product is also available in an online subscription format that includes the corresponding Insurance Industry Developments 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!
eBook , 2014
Product# AAGLHI14E
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