AcSEC publishes Statement of Position (SOP) 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts.AcSEC publishes Statement of Position (SOP) 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts. Among the topics the SOP covers are the presentation of--and interest in--separate accounts, gains and losses on the transfer of assets The conveyance of something of value from one person, place, or situation to another. The law recognizes that persons are generally entitled to transfer their assets to whomever they wish and for whatever reason. The most common means of transfer are wills, trusts, and gifts. from the general account to a separate account and liability valuation. It is effective for financial statements covering fiscal years beginning after December 15, 2003. Earlier adoption is encouraged, but retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a application to prior years' financial statements is prohibited pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. . Entities should apply the SOP for the first time as of the beginning of their fiscal year. Copies of the statement (product code 014936JA) are available from the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). at 888-777-7077. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion