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Life and Health Insurance Entities - Audit and Accounting Guide
This resource brings you the practical, how-to accounting and auditing guidance you need to stay compliant.

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Practical, how-to accounting and auditing guidance you need to stay compliant

Who Will Benefit

  • Business and industry financial managers need this product to stay up to date with current GAAP and statutory accounting relevant to life and health insurance entities.
  • Small firms need this product to stay up to date on current GAAP and statutory accounting and audit guidance related to life and health insurance entities. This product also provides a good background of the life and health insurance industry, products and regulatory issues.
  • Large firms need this product to serve as background on GAAP and statutory accounting and audit guidance related to life and health insurance entities.
  • Users of life and health insurance entity financial statements need this product for background on the industry, and information on current GAAP and statutory accounting for life and health insurance entities.

Key Benefits

  • Reviews the characteristics of life insurance products, as well as a background of all the related transaction cycles that an insurance entity is involved with
  • Provides helpful information for developing audit plans of life insurance entities (especially auditing investments, inforce files, reinsurance, insurance revenues, liabilities for future policy benefits, income taxes and deferred acquisition costs)
  • Allows you to easily educate your staff on life and health insurance
  • Includes accounting and auditing issues related to the Patient Protection and Affordable Care Act for assessments and premium stabilization programs (FASB ASC 720-50, SSAP No.106, Affordable Care Act Section 9010 Assessment, and SSAP No. 107, Accounting for the Risk-Sharing Provisions of the Affordable Care Act)
  • Provides AICPA NAIC Task Force and the NAIC/AICPA Working Group document, "Best Practices: Insurance Regulator Access to Audit Documentation" Updates or Regulatory Bullet Points (if applicable)
  • ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition

Simplify the complexities of insurance entity regulatory compliance! Whether you're a CPA performing audit engagements or management at an insurance entity, the 2018 edition of this guide is a must-have resource to keep you abreast of recent regulatory changes related to the life and health insurance industry, its products and regulatory issues, and the related transaction cycles that an insurance entity is involved with.

New to the 2018 edition

This edition covers recent regulatory updates related to the Affordable Care Act, and provides guidance for new standards that impact life and health insurance, including revenue recognition, financial instruments, leases, and more.

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American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

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