Property and Liability Insurance Entities - Audit and Accounting Guide

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.

Updates:

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