JLK Rosenberger recently presented an update on GAAP at the California Regional IASA conference on December 1, 2016. This post includes some useful practice aids for implementing Accounting Standards Updates (ASUs) particularly ASU 2015-09 Insurance Disclosures about Short-Duration Contracts.
James Dougherty and Bill Rosenberger addressed accounting standards updates most relevant to insurance companies.
Their presentation addressed the illustrative disclosures in ASU 2015-09. This Excel schedule shows the computations illustrated in the pending standard.
JLK Rosenberger annually prepares illustrative financial statements for property and casualty insurers. This most recent addition contains samples of disclosures required by 2015-09.
Whether you’re a public or non-public company, there are a large number of accounting standards updates pending implementation in the near future. The checklists below can help you determine the timing of those standards that will impact your entity.
Preparing GAAP financial statements for insurance companies requires familiarity with the numerous disclosure elements of Topic 944 Financial Services-Insurance and elsewhere. The disclosure checklist below can help you identify those disclosure aspects relevant to your company.