AICPA seeks feedback on insurance working drafts

By Ken Tysiac

The AICPA Financial Reporting Executive Committee (FinREC) is seeking feedback on several working drafts of accounting issues for insurance entities.

When completed, the drafts will be included in AICPA Auditing and Accounting Guides. Working drafts related to FASB’s new credit losses standard will be included in the Life and Health Insurance Entities guide, the new Allowance for Credit Losses guide, and the Property and Liability Insurance Entities guide. Those drafts are:

  • Issue No. 34: Considerations Related to ASC Topic 326: Financial Instruments — Credit Losses, for Reinsurance Recoverables.
  • Issue No. 44: Considerations Related to ASC Topic 326: Financial Instruments — Credit Losses, for Premiums Receivable.

A working draft related to FASB’s long-duration insurance contracts standard will be included in the AICPA’s Life and Health Insurance Entities guide when completed. That draft is Issue No. 2, Considerations for the Allocation of the Liability for Future Policy Benefits to Revised Units of Account at Transition to FASB ASU 2018-12, for Blocks of Business That Had Loss Recognition Prior to the Transition Date.

Feedback can be submitted to Kim Kushmerick at Kim.Kushmerick@aicpa-cima.com by Feb. 10.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.

SPONSORED REPORT

Scorecard preparation templates and tips

With Workiva, we've created a PowerPoint deck that helps you create your own scorecards -- quick reference reports used across organizations to update stakeholders on the performance of defined deliverables.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.