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…

Tax Reform Impact on SSAP 101

The tax law was signed on December 22, 2017. Many of the amendments are to take effect in 2018, but there are sections that take effect on the date the bill was signed. On January 10, 2018, the Statutory Accounting Principles (E) Working Group voted to approve the following non-substantive revisions to SSAP No. 101-Income Tax.

Learning the Language of SAP

Learning a foreign language can be difficult. There are new expressions to learn, grammatical rules to follow, sentence structure guidelines and even diverse pronunciation styles. It takes significant time, practice and sometimes exposure to native speakers to master another language. This system focuses on measuring the financial performance of a company over a period of time (month, quarter or year) and is characterized by concepts such as matching expenses to revenue.

SAP V GAAP: Affordable Care Act Assessment

According to Section 9010 of the Affordable Care Act, entities that issue health insurance must pay an annual fee one year (fee year) based on the amount of premium written in the prior year (data year). For a more extensive explanation of this fee see the post on SSAP 106.

SSAP 40R – Wholly Owned Single Real Estate Property

On December 12, 2014 the NAIC adopted Issue Paper No. 149, Wholly-Owned Single Real Estate Property in an LLC which makes substantive revisions to both SSAP No. 40—Real Estate Investments and SSAP No. 48—Joint Ventures, Partnerships and Limited Liability Companies.  … Continued

SSAP 92 and SSAP 102 Changes for Pension Accounting

Last year the National Association of Insurance Commissioners (NAIC) adopted two new accounting standards designed to incorporate many of the changes to pension accounting processes outlined in Financial Accounting Standard (FAS) 158,