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Journal entry — AICPA issues working draft of audit and accounting guide on property and liability insurance entities

Published on: Jun 27, 2011

Last Friday, the AICPA issued for comment a revised working draft of its proposed Audit and Accounting Guide Property and Liability Insurance Entities. The working draft discusses only the accounting aspect of this topic, addressing many issues that have emerged over the years. It comprises the following seven chapters:

  • Premiums.
  • The Loss Reserving and Claims Cycle.
  • Investments and Fair Value Considerations.
  • Reinsurance.
  • Income Taxes.
  • Insurance-Related Expenses, Taxes, and Assessments.
  • Captive Insurance Entities.

The revised guide will include auditing, internal control, and financial reporting considerations (as does the current guide); however, this version of the working draft does not contain such content.

Comments on the working draft are due by August 26, 2011.

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