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FASB ED clarifies GAAP's application to mutual insurers.

An exposure draft issued by the Financial Accounting Standards Board clarifies that all applicable authoritative accounting pronouncements, including those of the FASB, must be followed by mutual life insurance companies that describe their financial statements as in conformity with generally accepted accounting principles.

Although the proposal is directed at mutual life insurers, the board intends it to apply broadly to all entities issuing financial statements purported to be in conformity with GAAP.

If adopted as a final interpretation, the proposal would be effective for calendar year 1993.

One free copy of the ED, The Application of Generally Accepted Accounting Principles to Mutual Life Insurance Enterprises, is available until November 12, 1992, from the FASB Order Department, 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116.
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Title Annotation:exposure draft
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Nov 1, 1992
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