Property and Liability Insurance Entities - Audit and Accounting Guide

The 2014 edition contains current GAAP and Statutory accounting and audit guidance on property & liability insurance entities. It will help you properly develop an audit plan for auditing loss reserves, understand how changes in the GAAS clarity standards impact the auditor's report, and educate staff on property & liability insurance.

Updates:
• FASB ASC 210-20-50, Balance Sheet - Offsetting, (Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities)
• SSAP No. 62R, Property and Casualty Reinsurance, requirements to disclose the impact on any reporting period in which a certified reinsurer's rating has been downgraded or its certified reinsurer status is subject to revocation and additional collateral has not been received as of the filing date
• SSAP No. 36, Troubled Debt Restructuring, updated to adopt with modification additional guidance on determining whether a creditor has granted a concession; determining whether a debtor is experiencing financial difficulties; evaluating whether a restructuring results in a delay in payment that is insignificant; and two disclosures for creditors with troubled debt.
• SSAP No. 97, Investments in Subsidiary, Controlled, and Affiliated Entities, A Replacement of SSAP No. 88M, updated for when various opinions are issued in which an entity can record certain investments under the GAAP Equity method of accounting
• Accounting issues related to the Patient Protection and Affordable Care Act for assessments and premium stabilization programs (FASB ASC 720-50, SSAP No. 35R and NAIC Interpretation of the Emerging Accounting Issues Working Group (INT) 13-04, Accounting for the Risk Sharing Provisions of the Affordable Care Act)