- In June 2013, the Financial Accounting Standards Board (FASB) issued its Exposure Draft on Insurance Contracts. Feedback from respondents was overwhelmingly in support of retaining the current guidance for recognition and measurement for short-duration contracts existing in US Generally Accepted Accounting Principles (GAAP). However, financial statement users commented that expanded disclosures about the liability for unpaid claims and claim adjustment expenses would increase the transparency of significant estimates and provide insight into the ability of the insurance entity to underwrite and anticipate claims.
- Baker Tilly's insurance specialists cover best practices for implementing ORSA within your organization within this webinar recording and presentation.
- GWG Life chose Baker Tilly as their new financial statement auditor based on specialized accounting and audit expertise. The company has also worked with Baker Tilly to meet their tax and Sarbanes-Oxley (SOX) internal control needs.
- An ACA-related reporting requirement for the transitional reinsurance fee is due to the Department of Health and Human Services by Nov. 15, 2014.
- From The Tax Advisor: Captive insurance is insurance or reinsurance provided by a company that is formed primarily to cover the assets and risks of its parent company or companies.
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