Expert Panel - Insurance

Identified Implementation Issues for Targeted Improvements to the Accounting for Long-Duration Contracts.

Revisions to the AICPA Insurance Audit and Accounting Guides to address application of AU-C 800, Special Considerations—Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks, to financial statements prepared in accordance with the insurance statutory basis of accounting:

• Chapter 3: Sources of Accounting Principles and Reporting Requirements, of the AICPA Audit and Accounting Guide Life and Health Insurance Entities
• Chapter 1: Nature, Conduct, and Regulation of the Business, of the AICPA Audit and Accounting Guide Property and Liability Insurance Entities
  

FinREC and the Insurance Expert Panel have recently submitted the following comments to the standard setting bodies:

• December 14, 2016, comment letter on the Proposed Accounting Standards Update (ASU), Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
• November 27, 2013, comment letter on the Financial Accounting Standards Board’s Exposure Draft—Insurance Contracts
• November 27, 2013, comment letter on the International Accounting Standards Board’s Exposure Draft—Insurance Contracts
  

The expert panel participated in a live webcast on Current GAAP and Statutory Issues for Insurance Entities. An archive of this webcast is available online.

Technical Questions and Answers Section 9180.01: Required Supplementary Information - Required Supplementary Information in Historical Prior Periods and Auditor Independence of the Entity

AICPA NAIC Task Force:

• Best Practices, for both insurance regulators and CPA firms, to consider when providing insurance regulators access to audit documentation.
• AICPA NAIC Comment Letter to the NAIC on SSAP No. 101