PPT-Insurance generally accepted accounting principles (GAAP) update

November 16 2017 A tidal wave of change is coming Effective dates reflect the first year the standards are effective for a public filer in the United States Revenue recognition 2018 Lease accounting. 1 section 150 Source SAS No 95 SAS No 98 SAS No 102 SAS No 105 SAS No 113 Effective for audits of 64257nancial statements for periods beginning on or after December 15 2001 unless otherwise indicated 01 An independent auditor plans conducts and repo Rick Mergenthaler. University of Iowa. Motivation. Accounting Scandals (e.g., Enron). Congress asks the SEC to examine implications of adopting more principles-based standards in the U.S. . The SEC releases a Roadmap to IFRS adoption, which is believed to be more “principles-based” than U.S. GAAP. . The financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial w Statutory Accounting. Insurers produce financial statement prescribed by NAIC. Filed with insurance department of regulators. Based on Statutory Accounting Principles. More conservative than GAAP. SAP - . Nathanael Bryant. , Financial Systems & Reporting Analyst. Systemwide Financial Standards & Reporting, CO. Learning Objectives. Review requirements for completing capital asset reporting by state fund in Asset Management (AM). Insurers produce financial statement prescribed by NAIC. Filed with insurance department of regulators. Based on Statutory Accounting Principles. More conservative than GAAP. SAP - . 2. Policyholders’ Surplus. Insurers produce financial statement prescribed by NAIC. Filed with insurance department of regulators. Based on Statutory Accounting Principles. More conservative than GAAP. SAP - . 2. Policyholders’ Surplus. . Generally Accepted Accounting Principles. Defined as the set of accepted industry rules, practices and guidelines for financial accounting . Includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. Criselle Espiritu, Financial Reporting Analyst SFSR, . Chancellor’s Office. Learning . Objectives. Know the GAAP Accounting and Reporting Manual updates and key changes. Know the changes in the supplementary schedule. The most comprehensive guide to US GAAP--thoroughly updated to reflect the latest pronouncementsUS GAAP is constantly being updated, requiring its users to be armed with expert interpretation and explanation of the relevant principles. Wiley GAAP 2021 provides the most complete coverage of all Financial Accounting Standards Board (FASB) Topics - including the latest updates.Each chapter includes discussion of perspectives and issues, sources of GAAP, practice-oriented examples, and accurate definitions of terms, concepts, and rules. Every FASB Topic is fully explained in a clear, reader-friendly way with dynamic graphics to aid in understanding complex topics. Extensively updated to reflect all current US GAAP changes, this indispensable book:Reviews the latest changes to accounting principles, including credit losses, inventory, financial instruments, leases, and revenue Offers expert guidance on issues surrounding specific pronouncements Includes comprehensive cross-references and topic-specific appendices Explains how the standards apply to common real-world scenarios Clarifies implementation through numerous illustrations and practical examples Accurate and up-to-date GAAP implementation is crucial for eliminating the risk of noncompliance. Wiley GAAP 2021 is your one-stop resource for staying up-to-date with constantly-changing guidelines--providing the insight and guidance accounting professionals need. The Benefits of Reading Books Definition and Governing Bodies. . GAAP PowerPoint #1. Generally Accepted Accounting Principles. Defined as the set of accepted industry rules, practices and guidelines for financial accounting . Includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. (A) Accounting concepts.. (B) Accounting conventions.. Accounting concepts- . Accounting concepts are the fundamental assumptions on which transactions are recorded and financial statements are prepared. These concepts provide base for accounting process. While doing accounting use of these concepts are compulsory and they are not optional. More or less they are rigid and can not be changed. . n. a. n. cial. . R. e. p. o. rting. . S. t. a. n. d. a. rds. (. I. F. R. S. ). S. u. b. :. . F. i. n. a. n. c. ial. . R. e. p. o. r. ting. . a. n. d. . A. n. a. l. y. sis. C. o. u. r. s. e. . :.