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.

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.