The Financial Reporting Executive Committee (FinREC) issued a working draft to revise the accounting content of the Audit and Accounting Guide Property and Liability Insurance Entities. This working draft addresses many new accounting issues that have emerged over the years and includes guidance dedicated specifically to property and liability insurance entities. This working draft does not include general and specific auditing considerations, analytical procedures, internal control considerations, nor reporting.
Feedback was sought on this working draft to solicit comments from preparers, auditors, and users of property and liability insurance entities' financial statements and other interested parties to further inform the development of this guide, which will be issued once comments are received, considered, and appropriately acted upon by FinREC for finalization.
Additional publications and resources for property and liability insurance entities are available. The 2011 edition of the AICPA Audit and Accounting Guide Property and Liability Insurance Entities is issued and available for purchase now.
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Notice to Readers: The AICPA, in its sole discretion, has issued this working draft solely in order to solicit feedback and commentary from the professional community. This working draft does not constitute an official position of the AICPA, is not final guidance, and should not be relied upon as such. Permission to use this content is strictly limited to the intended purpose of review and participation in the comment process. Republication of this material in print, on websites or in any other form, format or media without the express written permission of the AICPA is prohibited. Requests for permission to republish or redistribute this material should be directed to firstname.lastname@example.org