AICPA IEP annual meeting Insurance Alert

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Apr 03, 2019

We summarize key messages from AICPA Insurance Expert Panel Meeting with SEC Staff – December 20, 2018

Background

On December 19-20, 2018, the AICPA Insurance Expert Panel (IEP), on which PwC participates, held its annual meetings, including meeting with SEC staff representatives from the offices of Corporate Finance and the Office of the Chief Accountant. 

The IEP discussion included:

  • Implementation issues related to FASB ASU 2018-12: Targeted Improvements to Long-Duration Contracts, including discussion with the American Academy of Actuaries
  • Statutory practice issues
  • AICPA Auditor Reporting Task Force

The IEP and SEC staff meets annually to discuss items of mutual interest relating to insurance registrants. Topics discussed included:

  • Disclosure observations by the SEC Staff 
    • Common comments on 10K/Q filing reviews 
  • FASB ASU 2018-12 
    • General Overview 
    • IEP Request for Relief from application of the SEC 5 Year Table (SEC Regulation S-K, Item 301, "Selected Financial Data.")  
  • Accounting Standards – Potential Impact to Insurance Entities 
    • FASB ASU 2016-13: Financial Instruments—Measurement of Credit Losses on Financial Instruments

Meeting Highlights

See the meeting highlights on the "Expert Panel - Insurance" page of the AICPA website for the official summary of the 2018 discussions with the SEC staff.

To have a deeper discussion, contact:

Tom Barbieri

Partner, National Professional Services Group, PwC US

Email

Mary Saslow

Managing Director, National Professional Service Group, PwC US

Email

Eric Alemian

Director, National Professional Services Group, PwC US

Email

Contact us

Heather Horn

US Strategic Thought Leader, National Professional Services Group, PwC US

David Schmid

IFRS & US Standard Setting Leader, National Professional Services Group, PwC US

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