Agents slam accounting changes: proposed GAAP rules to standardize agency fin'l reporting. (draft by American Institute of Certified Public ... & Casualty-Risk & Benefits Management

This digital document is an article from National Underwriter Property & Casualty-Risk & Benefits Management, published by The National Underwriter Company on May 18, 1992. The length of the article is 944 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Many insurer trade groups oppose new generally accepted accounting principles standards proposed by the American Institute of Certified Public Accountants which would recognize commission income at the instigation of a policy rather than when premiums are collected. Both the Independent Insurance Agents of America and the National Association of Casualty and Surety Agents believe that new accounting standards are needed but report that insurer expenses come not with a policy sale, but in the services rendered throughout the life of the policy. They also believe that accounting standards should differ for public and private insurance companies.

Citation Details
Title: Agents slam accounting changes: proposed GAAP rules to standardize agency fin'l reporting. (draft by American Institute of Certified Public Accountants that commission incomes should be reported at the beginning of a policy and not when premiums are collected; generally accepted accounting principles, financial reporting) (Agent/Broker)
Author: Colleen Mulcahy
Publication:National Underwriter Property & Casualty-Risk & Benefits Management (Magazine/Journal)
Date: May 18, 1992
Publisher: The National Underwriter Company
Issue: n20 Page: p41(2)

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