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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 FASB Statement

A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting
 No. 97. Comments are due May 14 (download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer.  the file from www.aicpa.org/ members/div/acctstd/edo/acctg_for_DAC See D/A converter and discretionary access control.

DAC - Digital to Analog Converter
 _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 Restatement

A revision in a company's earlier financial statements.

Notes:
The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error.
 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).
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Article Details
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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.
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