Public Companies Affected By New GAAP Rule
The AICPA is out to eliminate "diversity in practice" for insurance-related assessments for publicly-held companies.
A new rule will force companies to immediately accrue estimates of financial liabilities for insurance-related assessments that are based on paid losses. The idea behind the practice is that it will make financial statements more uniform across companies.
AICPA's Statement of Position 97-3 applies to financial statements for company fiscal years beginning after December 15, 1998. Companies who fail to comply with the new rule could find an audit exception in future financial statements.
Voice of the Editor
What makes a company a great place to work? Experience, a ConnectEDU company, uses criteria that include benefits, career advancement opportunities, culture, and work/life balance to form its annual list of the Best Places to Work for Recent Grads. BDO USA and Ernst & Young both made the Top 25 list. Read what makes these firms stand out and find out what can be done at your firm to entice college grads.