Jan 23, 2017
From the Financial Reporting View
The Federal Accounting Standards Advisory Board (FASAB) recently issued Statement of Federal Financial Accounting Standards 51, Insurance Programs. To support consistent classification, the standard creates three categories of insurance programs (1) exchange transaction insurance programs other than life insurance, (2) nonexchange transaction insurance programs, and (3) life insurance programs, and prescribes the accounting and disclosure requirements for each category. The standard replaces the insurance and guarantee program standards provided in paragraphs 97-121 of FASAB Statement 5, Accounting for Liabilities of The Federal Government. It is effective for reporting periods beginning after September 30, 2018.