![]() However, it’s important to consider whether COVID-19 will have a material effect on estimates made as of December 31, 2019, subsequent to the balance sheet date but before the financial statements are released that could trigger the requirement for robust Type II nonrecognized subsequent events 1 disclosures. 9-Subsequent Events requirements would indicate the effect of COVID-19 didn’t exist as of December 31, 2019, based on the dates of the events outlined above and, therefore, is likely not to be a recognized subsequent event (Type I). Subsequent events – An evaluation of the Statement of Statutory Accounting Principles (SSAP) No.The potential accounting implications of COVID-19 on statutory basis financial statements examined below aren’t all exhaustive and will be updated periodically as COVID-19’s effect unfolds: Present – Turmoil in the financial markets and disruptions cascading through many sectors of the U.S.Ma– President Trump declares COVID-19 a national emergency.Ma– The World Health Organization declares COVID-19 outbreak a pandemic.While the ultimate effect of COVID-19 is currently unknowable and financial statements are in the process of being finalized and submitted by many insurers to various insurance departments, management should evaluate the various effects on statutory basis financial statements now to allow for a more thorough assessment and proactive engagement with auditors and professional advisors.įor insurers that have yet to file their audited financial statements, we address several accounting implications of COVID-19 for December 2019 year-end that should be evaluated in the context of the following recent events: The examination also included an assessment of the principles used and significant estimates made by management, an evaluation of the overall financial statement presentation, and determined management’s compliance with the Department’s statutes and guidelines, Statutory Accounting Principles, as adopted by the Department, and annual statement instructions.The effect of novel coronavirus disease 2019 (COVID-19) is far reaching, bringing devastating consequences for individuals, families, communities, companies, entire sectors, financial markets, etc. ![]() ![]() The examination also included an assessment of the principles used and significant estimates made by management, an evaluation of the overall financial statement presentation, and determined management’s compliance with the Department’s statutes and guidelines, Statutory Accounting Principles, as adopted by the Department, and NAIC annual statement instructions. The examination also included assessing the principles used and significant estimates made by management, evaluating the overall financial statement presentation, and determining management’s compliance with New York statutes and Department guidelines, Statutory Accounting Principles as adopted by the Department, and annual statement instructions. The preparation of financial statements in conformity with Statutory Accounting Principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. This examination also includes assessing the principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation, management’s compliance with Statutory Accounting Principles and annual statement instructions when applicable to domestic state regulations. Examples of Statutory Accounting Principles in a sentence
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