Practical, how-to accounting and auditing guidance you need to stay compliant
Who Will Benefit
- Business and industry financial managers need this product to stay up to date with current GAAP and statutory accounting relevant to life and health insurance entities.
- Small firms need this product to stay up to date on current GAAP and statutory accounting and audit guidance related to life and health insurance entities. This product also provides a good background of the life and health insurance industry, products and regulatory issues.
- Large firms need this product to serve as background on GAAP and statutory accounting and audit guidance related to life and health insurance entities.
- Users of life and health insurance entity financial statements need this product for background on the industry, and information on current GAAP and statutory accounting for life and health insurance entities.
- 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)
- Allows you to easily educate your staff on life and health insurance
- Includes accounting and auditing issues related to the Patient Protection and Affordable Care Act for assessments and premium stabilization programs (FASB ASC 720-50, SSAP No.106, Affordable Care Act Section 9010 Assessment, and SSAP No. 107, Accounting for the Risk-Sharing Provisions of the Affordable Care Act)
- Provides AICPA NAIC Task Force and the NAIC/AICPA Working Group document, "Best Practices: Insurance Regulator Access to Audit Documentation" Updates or Regulatory Bullet Points (if applicable)
- ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition
Simplify the complexities of insurance entity regulatory compliance! Whether you're a CPA performing audit engagements or management at an insurance entity, the 2018 edition of this guide is a must-have resource to keep you abreast of recent regulatory changes related to the life and health insurance industry, its products and regulatory issues, and the related transaction cycles that an insurance entity is involved with.
New Quarterly Appendix
Appendix G: FASB ASU No. 2018-12: Financial Services−Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, Accounting Implementation Papers, is included in the online subscription of the Life and Health Insurance Entities − Audit and Accounting Guide. This appendix presents accounting implementation papers developed to assist insurance entities in applying FASB ASU No. 2018-12. The appendix will be updated as accounting implementation papers are finalized. Please see the Insurance Expert Panel webpage for the status of the accounting implementation papers:
Long-Duration Contracts Issued by Insurance Entities Accounting Issues
Below is a listing of the finalized accounting implementation papers that are included in the appendix as of June 22, 2020:
|Considerations for the Allocation of the Liability for Future Policy Benefits to Revised Units of Account at Transition to ASU No. 2018-12 for Blocks of Business That Had Loss Recognition Prior to the Transition Date
|Claim Liabilities Associated with Long-Duration Traditional Insurance Contracts
|Market Risk Benefits - Considerations Related to Transition
|Updating Cash Flow Assumptions in the Net Premium Ratio