Financial Reporting


As part of a broader initiative to improve financial reporting for insurance accounting, FASB issued an invitation to comment on whether bifurcating insurance and reinsurance contracts into insurance and financing components would improve the transparency of financial reporting for insurance accounting ( www.fasb.org/draft/ ). Current standards give insurers and reinsurers limited guidance on accounting for insurance contracts, which often have both insurance and financing components that are combined and accounted for as insurance contracts. The board therefore is asking buyers and sellers of insurance contracts, users of their financial statements and, in particular, noninsurance-company policyholders, including small and private companies, whether and how insurance and reinsurance contracts should be bifurcated into insurance and deposit components. Comments are due August 24, 2006.

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

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Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.