This guide will keep you up to date on current GAAP and statutory accounting and audit guidance. It also provides a good grounding on the industry, its products and regulatory issues, and the related transaction cycles that an insurance entity is involved with. Relevant guidance contained in standards issued through July 1, 2016, is covered, including FASB ASU No. 2015-09 and updates to SSAP No. 107, which have a major impact on insurance entities. In addition, it will help you: Understand current GAAP and statutory accounting for property and liability insurance entities. Get authoritative accounting and auditing guidance applicable to property and liability insurance entities. Properly develop an audit plan for auditing loss reserves. Easily educate your staff on property and liability insurance.

Author Biography

Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards. The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.