Accounting Standards Update No. 2018-02

Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income   Reading time: 1 minute 5 seconds On December 22, 2017, the Tax Cuts and Jobs Act was enacted, reducing the federal income tax … Continued

5 Tips for Successful ERM Implementation

When it comes to life, business or sports the formula for success includes minimizing risk. Identifying, managing and resolving risk is essential whether selecting a career, investing in a business opportunity or choosing a new business partner. The same applies to managing risk at an insurance company.

2017 NAIC Updates

Financial reporting for insurance companies can often be complex and confusing. In 2017, the NAIC continued making changes to statutory accounting principles.

Do You Have A Premium Tax Exposure?

As a California insurer, knowing what your producers charge policyholders, particularly in an agency relationship, can be critical to avoiding penalties for underreported premium tax. To help insurers avoid this mistake, JLK Rosenberger has provided explanation and guidance below.

Revenue Recognition for Extended Warranty Contracts

On February 1, 2017 the Insurance Entities Revenue Recognition Task Force (of which JLK Rosenberger is a member) issued “Working Draft: Accounting for Third Party Extended Warranty Contracts (Applicable to Non-Insurance Entities) – Revenue Recognition Implementation Issue #9-3 – Accounting for third-party extended service warranty contracts within the scope of FASB ASC 606.

SAPWG Adopts INT-2018-2, Tax Act Estimates

The SAPWG meeting was brief and to the point, and the Exposure Draft of INT-2018-02, Tax Act Estimates was adopted with minor amendments and suggestions of interested parties. The main take away is that SSAP No. 9 – Subsequent Events is suspended with respect to the Tax Cuts and Jobs Act (the Act) from treated as a Type I…

The Fraud Continuum – Talking Embezzlement – Hiscox Revealed:

There is a widespread misunderstanding that embezzlements are large scale losses that are quickly caught and indicted. The fact is, the most damaging occurrences involve small amounts of money repeatedly filched over many years, making it difficult to detect, but that lead to large losses.

On the Audit Front: Is Your Back Door Open?

With the advance of communication and technology platforms, the competitive global environment creates the opportunity, and many times the need, for companies to explore and create other potential revenue generating or administrative support sources.