Property and Liability Insurance Entities - Audit and Accounting Guide
Covers the property and liability insurance industry, its products and regulatory issues, and related transaction cycles.
Stay up-to-date on current GAAP and statutory accounting and GAAS auditing guidance for property and liability insurance entities.
The guide provides a good grounding on the industry, its products and regulatory issues, and the related transaction cycles that a property and liability insurance entity is involved with.
Relevant guidance contained in standards issued through August 1, 2021, is covered, including the following:
- Statement on Auditing Standards (SAS) No. 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134.
- SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements and related guidance
- ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
- SSAP No. 97, Investments in Subsidiary, Controlled, and Affiliated Entities
- SSAP No. 106—Affordable Care Act Section 9010 Assessment
- NAIC’s Model Audit Rule
- Implementation Guide included in Appendix G of the Accounting Practices and Procedures Manual
- AICPA Audit and Accounting Guide, "Credit Losses"
- ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments
- CFOs, financial managers, and staff at property and liability insurance entities
- Practitioners with property and liability insurance clients
- Users of property and liability insurance entity financial statements
- Get authoritative and nonauthoritative accounting and auditing guidance applicable to property and liability insurance entities
- Get illustrative audit reports that reflect recent changes from SAS No. 134 and related guidance.
- Understand current GAAP and statutory accounting for property and liability insurance entities
- Properly develop an audit plan for auditing loss reserves.
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