Printer Friendly
The Free Library
23,403,340 articles and books


Exposure draft issued on accounting by insurance enterprises for deferred acquisition costs.

The AICPA's Accounting Standards Executive Committee has issued an exposure draft of a proposed statement of position, Accounting by Insurance Enterprises for Deferred Acquisition Costs on Internal Replacements Other Than Those Specifically Described in FASB Statement No. 97. Comments are due May 14 (download the file from www.aicpa.org/ members/div/acctstd/edo/acctg_for_DAC _2003_03.asp).

A final SOP would be effective for internal replacements occurring in fiscal years beginning after Dec. 15, 2003, with earlier adoption encouraged. Restatement of previously issued annual financial statements is not permitted. Initial application of this SOP should be as of the beginning of an entity's fiscal year (i.e., if the SOP is adopted prior to the effective date and during an interim period, all prior interim periods of the year of adoption should be restated).
COPYRIGHT 2003 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:accounting & auditing news
Publication:CPA Letter
Article Type:Brief Article
Geographic Code:1USA
Date:May 1, 2003
Words:137
Previous Article:Disciplinary actions.
Next Article:Updated representation letter issued relating to SSARS No. 9.
Topics:



Related Articles
Exposure drafts outstanding.
Exposure drafts outstanding.
Exposure drafts outstanding.
Exposure drafts outstanding. (Official Literature).
Exposure drafts outstanding.
Exposure drafts outstanding.
Exposure drafts outstanding.
Exposure drafts outstanding.
Exposure drafts outstanding.
Exposure drafts outstanding.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters