Recent changes are coming for hedge accounting that will likely have a positive impact on your company’s hedging strategies. Currently, hedge accounting is very complex, and many companies avoid using it to avoid errors and misstatements. This could change, as hedge accounting has been simplified under The Accounting Standards Update ((ASU) No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities).
ASU 2015-09: Insurance — Disclosures about Short-Duration Contracts was issued in May 2015 and makes improvements to existing disclosures under U.S. GAAP for insurance entities that issue short-duration contracts. ASU 2015-09 was rejected for statutory reporting, however, revisions were made to conform statutory disclosures not originally in SSAP No. 55 and SSAP No. 65.
Guaranty Fund Assessments: Revisions document substantive changes adopted to SSAP No. 35R—Guaranty Fund and Other Assessments related to assessments for insolvencies of entities that wrote long-term care insurance. The revisions allow expected renewals for short-term contracts to be considered in the recognition of assets from accrued liability assessments, and require discounting for assessments and related assets.
SSAP No. 30, 48 & 97 were revised to allow for changing to the equity method to be applied prospectively, as of the date the investment qualifies for equity method accounting. The revisions eliminate the requirement to retroactively adjust the prior periods presented when a change in ownership or degree of influence qualifies for equity method accounting.
Despite your best efforts, if the unfortunate incident of fraud occurs, you need an arsenal of experts on your side. A certified public accountant is one of the must-haves for a civil or criminal fraud case to ensure that every … Continued
Occupational fraud schemes often go unnoticed for months or even years. And unfortunately, the more time the perpetrator goes without detection, the more damage they can do. However, implementing proactive fraud detection methods can stop fraud in its tracks before … Continued
No organization wants to believe that a staff member or vendor would cheat them by committing fraud, but nonprofits are even more vulnerable to this mindset because of their charitable nature. This can lead many to neglect setting up proper … Continued
Occupational fraud can be a devastating blow to company revenue, and the longer fraud persists, the greater the loss. Yet, according to the Association of Certified Fraud Examiners, fraud schemes go unnoticed for 18 months on average, causing sometimes irreparable … Continued
Aetna, UnitedHealth, Humana and many other significant players in the health insurance market are pulling out of the Affordable Care Act (ACA) exchanges and many consumers are left seeking new plans.
Many clients have asked us if they should place their real estate investments into an LLC. The answer is clear that if you do: You can only place one managed property or group of contiguously located properties into your LLC … Continued