Disclosures of certain matters in the financial statements of insurance enterprises

by American Institute of Certified Public Accountants. Task Force on Insurance Companies" Disclosures.

Publisher: American Institute of Certified Public Accountants in New York, NY

Written in English
Published: Pages: 19 Downloads: 434
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  • Insurance -- United States -- Accounting.,
  • Disclosure in accounting -- United States.,
  • Financial statements -- United States.

Edition Notes

Statementprepared by the Task Force on Insurance Companies" Disclosures, Accounting Standards Division.
SeriesStatement of position ;, 94-5
LC ClassificationsHG8077 .A47 1994
The Physical Object
Pagination19 p. ;
Number of Pages19
ID Numbers
Open LibraryOL913576M
LC Control Number95209412

Additionally, GASB Statem Certain Financial Statement Note Disclosures, expanded note disclosures within the summary of significant accounting policies to include (1) the activities accounted for in major funds, internal service funds, and fiduciary fund type columns; and (2) disclosure of the period used to define "available" for. 2) A CPA may wish to emphasize specific matters regarding the financial statements even though an unqualified opinion will be issued. Normally, such explanatory information is A) included in the scope paragraph. B) included in the opinion paragraph. C) included in a separate paragraph in the report. D) included in the introductory paragraph. Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments: October Superseded by FAS Accounting and Reporting by Mutual Life Insurance Enterprises and by Insurance Enterprises for Certain Long-Duration Participating Contracts—an amendment of FASB Stateme 97, and and Interpretation No. Personal financial statements. (includes related article) by Mancuso, Anthony J. Abstract- Personal financial statements can serve high net-worth individuals in a variety of financial statements, seldom used by the average individual, can help those who are affluent to obtain loans, enter into various investment transactions, develop financial plans or even run for public office.

  Financial statements are written records of a business's financial situation. They include standard reports like the balance sheet, income or profit and loss statements, and cash flow statement. has been subjected to the auditing procedures applied in the audit of the consolidated financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying Self-insurance liability: , , including both government agencies and private enterprises. Certain.   The accounting guidance (GAAP) around disclosure of potential losses or contingencies. The art of disclosure is for the company to provide sufficient disclosure to inform its users and comply with GAAP, while their attorney helps protect the company from disclosing information which may be harmful to the company's position in litigation. Notes to the Financial Statements Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards Schedule of Water Losses - Unaudited 12 Muskogee County Rural Water District No. 4 Table of Contents December

It also includes additional changes necessary to keep the book current on industry and regulatory matters. Updates. FASB ASU No. , Presentation of Financial Statements (Topic ): Liquidation Basis of Accounting, and ASU No. , Balance Sheet (Topic ): Disclosures about Offsetting Assets and Liabilities.

Disclosures of certain matters in the financial statements of insurance enterprises by American Institute of Certified Public Accountants. Task Force on Insurance Companies" Disclosures. Download PDF EPUB FB2

Get this from a library. Disclosures of certain matters in the financial statements of insurance enterprises. [American Institute of Certified Public Accountants. Task Force on Insurance Companies' Disclosures.]. SOP - Disclosures of Certain Matters in the Financial Statements of Insurance Enterprises (Superseded) SOP - Disclosure of Certain Significant Risks and Uncertainties (Superseded) SOP - Accounting for Certain Insurance Activities of Mutual Life Insurance Enterprises (Superseded).

Disclosures of certain matters in the financial statements of insurance enterprises full-text: December 15 Disclosure of certain significant risks and uncertainties full-text: December 30 Accounting for certain insurance activities of mutual life insurance enterprises.

Lenders use a range of financial statement disclosures from private enterprises to determine whether they should extend a loan, and typical financial statement disclosures may not always be sufficient to meet those needs.

By their very nature, private enterprises do not report publicly. However they do produce financial statements. The financial statements of an organization should be informative and clear to understand, and they should cover the entirety of the business.

Although most of the relevant information can be presented on the balance sheet, income statement, statement of cash flows and statement of changes in equity, there is sometimes additional information to : Quickbooks Canada Team. These illustrative financial statements – which are examples for bank holding companies, including community banks, thrifts, and other financial institutions – contain common disclosures as required under U.S.

GAAP, as well as rules and regulations of the U.S. Securities and Exchange Commission (SEC), including financial statement. These illustrative financial statements – which are examples for bank holding companies, including community banks, thrifts, and other financial institutions – contain common disclosures as required under U.S.

GAAP, as well as rules and regulations of the U.S. Securities and Exchange Commission. Financial Instruments: Disclosuresrequires disclosure of quantitative data about liquidity risk arising from financial instruments. A company also needs to explain how it is managing this risk, including any changes from the previous period and any concentrations of liquidity risk.

Financial Statements That Omit Substantially All the Disclosures When,after discussions with management,the accountant prepares financial statements that omit substantially all disclosures required by the closures about only a few matters in the notes to the financial statements.

to book values. Financial statements impact: Impairment E.g. where expectations of an asset’s value in use or useful life no longer support its book value See pages Contingent liabilities arising from climate-related factors Financial statements disclosure: Contingent liability E.g.

relating to potential environmental remediation. Furthermore, because most of the disclosures required by the ASU must be included in the audited footnotes to the financial statements (including information about claims development for the most recent reporting period), insurers must assess whether they have sufficient internal controls in place to ensure that the disclosures are complete and accurate.

Specifically, financial reporting and related financial statement disclosures need to convey all material current or potential effects of the COVID pandemic. It is also critical that management understand the risks entities face and how they are affected by them.

This Financial Reporting Alert discusses certain key accounting and financial reporting considerations related to conditions that may result from the COVID pandemic as well as various industry-specific considerations. The significance of the topics discussed will of course vary by industry and entity, but we believe that the following accounting and reporting issues will be the most.

Contingent liabilities must pass two thresholds before they can be reported in financial statements: it must be possible to estimate the value of the contingent liability, and the liability must. The AustralianAccounting Standards Board published in December a paper that discusses when climate-related disclosures are material, and therefore should be included within the IFRS financial statements.8The paper mentions that in particular industries, the carrying value of assets – such as property, plant and equipment and assets recognized in relation to mineral resources – could.

• The quality of financial statement disclosure around financial risk, as measured by that impact life insurance companies and their financial performance, this report considers a single topic: financial risk.

examples of requirements that have added to the size and scope of financial statements in response to specific industry issues. The New York State insurance department defines an insurance disclosure as a statement meant "to provide explanatory information regarding the significant features of the insurance policy to enable the insured to make an informed decision regarding purchasing the insurance policy." So a disclosure is designed to help you make the best decision.

The staff issues Dear CFO Letters to assist registered investment companies and business development companies and their independent public accountants in addressing certain accounting, auditing, financial reporting, or other related disclosure matters (collectively “accounting matters”).

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud.

standards: Financial Accounting Standards Board Statement No. Fair Value Measurements (FAS ), FASB Statement No. Accounting for Certain Hybrid Financial Instruments – an amendment of FASB Statements No.

andand FASB Statement No. The Fair Value Option for Financial Assets and Financial Liabilities –. Particularly in the case of an enterprise experiencing financial difficulty, the footnote disclosures related to liquidity issues, basis of presentation and other matters describing the risk factors associated with the enterprise's operations take on increased importance.

SOP   Companies are required to disclose the nature of the event and either an estimate of the financial statement impact or a declaration that an impact. The FASB, in recognizing that certain disclosure requirements are costly and unnecessary for certain companies, has eliminated reporting requirements for nonpublic enterprises in such areas as fair values of financial instruments and segment reporting.

Several initiatives are under way to reform financial reporting disclosures. CFA Institute believes that because investors are the main consumers of financial statements, their perspectives on the effectiveness of current disclosures and how disclosure reform can best be effected are essential.

The financial report of a business includes more than just the financial statements; a financial report also needs information called disclosures. Supplementary items such as financial schedules and tables provide one form of disclosure in financial reports. A wide variety of other information is also presented, some of which is required if the business is [ ].

the form and content of financial statements and other financial information required to be included in Commission filings.

Requests for interpretive letters should be submitted by email. Requests for informal interpretive advice should be submitted by online form or by calling () While the statements made by the staff on. Disclosures are a fundamental part of financial statements, seen as an increasingly important way for preparers to communicate deeper insights about the entity’s financial position and financial performance than is possible through the primary financial statements alone.

Over the past decade. Insurance Contracts, IFRS 6 Exploration for and Evaluation of Mineral Resources, IAS 26 Accounting and Reporting by Retirement Benefit Plans or IAS 34 Interim Financial Reporting. IAS 34 requirements are illustrated in our Guide to condensed interim financial statements – Illustrative disclosures.

In the event substantial doubt was present before the financial statements are issued, even if adequately alleviated by management’s plans, certain disclosures about going concern uncertainty are required by U.S.

GAAP, including management’s plans for alleviation (ASC ). Notes to financial statements are beneficial in meeting the disclosure requirements of financial reporting. The notes should not be used to: Growth rates is an important financial measures in financial statements analysis.

Reference Document: 3 of 13 Advisor Disclosure Disclosure Item Considerations Sample Wording • Quebec requires agents to disclose names of insurers whose products they are authorized to offer [R.S.Q.c.D, s] and, when.the financial statements and for the financial statements themselves.

Such enterprises may also present additional components of the financial statements. Purpose of Financial Statements 5. Financial statements are a structured financial representation of the financial position of and the transactions undertaken by an enterprise.and later Financial Statements Treat COVID as a non-recognized subsequent event, as follows: Treat COVID as a recognized event, and incorporate the effects in the financial statements, including recognition, measurement, and disclosure, as follows: Include subsequent events disclosures, to the extent significant, in the financial statements.