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Description

The proposed Guide discusses those aspects of accounting and auditing unique to life and health insurance entities and was developed to assist life and health insurance entities in preparing financial statements in conformity with generally accepted accounting principles (GAAP) and to assist independent auditors in auditing and reporting on those financial statements. In addition, the proposed Guide contains significant discussions of statutory accounting practices (SAP) that includes laws, regulations, and administrative rulings adopted by the various states that govern the operations and reporting requirements of life insurance entities. Because this is a category B GAAP document as defined by SAS 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles in the Independent Auditor's Report, the inclusion of descriptions of SAP does not elevate SAP into GAAP. This proposed Guide also incorporates accounting and financial reporting requirements issued by the Financial Accounting Standards Board (FASB) and the AICPA Accounting Standards Executive Committee (AcSEC) since the issuance of the AICPA Industry Audit Guide Audits of Stock Life Insurance Companies through April 1 5, 1 998. Also incorporated in this proposed Guide are new auditing standards issued through April 15, 1998, by the AICPA Auditing Standards Board since the issuance of the pronouncements that this Guide would supersede.

ISBN

ed98-09-04t

Publication Date

1998

Relational Format

Book

Keywords

Insurance, Life -- Auditing -- Standards -- United States; Insurance, Health -- Auditing -- Standards -- United States

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants; Exposure draft (American Institute of Certified Public Accountants), 1998, Sept. 4

Proposed Audit and Accounting Guide : Life and health insurance entities;Life and health insurance entities

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