Public Companies Affected By New GAAP Rule

Posted by accountingweb on Sep 8 1999 187 printer friendly

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.

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