ITB 11-65: SSAP 101 unanimously adopted by NAIC

On November 6, 2011, the NAIC unanimously adopted SSAP No. 101, Income Taxes, A Replacement of SSAP No. 10R and SSAP No. 10. This follows approval by the NAIC's Financial Condition Committee, Accounting Practices and Procedures Task Force and Statutory Accounting Principles Working Group. PwC has issued a paper discussing the important changes to accounting for current and deferred federal and foreign income taxes.