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In recent years, accountants, investors, and other users of financial statements have expressed concern over the acceptability of alternative accounting methods for similar business transactions. The Accounting Standards Division believes that it is not desirable to have acceptable alternative accounting methods in the property and liability insurance industry. Therefore, the Division is expressing in this Statement its position on preferable accounting methods in each of the areas in which alternative:; exist, except for the issue of discounting loss reserves as more fully described on page 11, and the issue of using anticipated investment income in the computation of premium deficiencies which is discussed on page 13. The Division is also not addressing the issues related to the accounting principles to be followed by title insurance companie
Insurance, Property -- United States -- Accounting; Insurance, Liability -- United States -- Accounting
Accounting | Taxation
American Institute of Certified Public Accountants. Insurance Companies Committee, "Proposed statement of position on accounting for property and liability insurance companies;Accounting for property and liability insurance companies" (1977). Statements of Position. 384.