Accounting Standard Updates
12 Days of SSAP: Income Taxes – SSAP 101
Article reading time: 30 seconds
As the holidays approach, JLK Rosenberger is taking a new perspective on a holiday classic – the Twelve Days of Christmas. Rather than filling your head with turtle doves and gold rings, we are focusing on the latest changes to SSAP and how they will impact your insurance company in 2020 and beyond.
This article covers the latest on SSAP No. 101 – Income Taxes – Update to Implementation Q&A.
SSAP No. 101 – Income Taxes – Update to Implementation Q & A:
In conjunction with the changes imposed by the Tax Cuts and Jobs Act, SAPWG adopted revisions and updates to the supporting Q & A to SSAP No. 101. The Q&A revisions also include clarifications with respect to deferred tax admittance and the offsetting of deferred tax assets and deferred tax liabilities, with particular emphasis on various handling of items under paragraph 11.c. of SSAP 101. The SAPWG changes do not modify the body of SSAP 101 rules.
You can find more details about other items discussed in our SSAP Chat Summer NAIC SAPWG Meeting article here.