Lacy Stauffer’s Post

Wipfli insurance update: The NAIC has approved major amendments to bond accounting standards. Discover the implications and how to get ready before the 2025 implementation: #InsuranceAccounting #NAICUpdates

Wipfli insurance update: The NAIC has approved major amendments to bond accounting standards. Discover the implications and how to get ready before the 2025 implementation: #InsuranceAccounting #NAICUpdates

Wipfli insurance update: The NAIC has approved major amendments to bond accounting standards. Discover the implications and how to get ready before the 2025 implementation: #InsuranceAccounting #NAICUpdates

Wipfli insurance update: The NAIC has approved major amendments to bond accounting standards. Discover the implications and how to get ready before the 2025 implementation: #InsuranceAccounting #NAICUpdates

🔍 Demystifying Insurance Proceeds in Financial Reporting In the unpredictable world of business, insurance serves as a lifeline during crises. But for accountants and auditors, the question remains: when should we recognize expected proceeds from insurance claims? Understanding the nuances of FRS 102 is crucial. It's not just about provisions and contingencies; it's about navigating uncertainty while maintaining financial integrity. Explore insights into handling insurance proceeds and ensuring clarity in financial reporting. #InsuranceAccounting #FinancialReporting #BusinessInsights

🔍 Demystifying Insurance Proceeds in Financial Reporting In the unpredictable world of business, insurance serves as a lifeline during crises. But for accountants and auditors, the question remains: when should we recognize expected proceeds from insurance claims? Understanding the nuances of FRS 102 is crucial. It's not just about provisions and contingencies; it's about navigating uncertainty while maintaining financial integrity. Explore insights into handling insurance proceeds and ensuring clarity in financial reporting. #InsuranceAccounting #FinancialReporting #BusinessInsights

Save your seat today for the first 2024 Insurance Accounting Summit! Stay informed on hot topics such as Insurers’ Response to a Changing Economy by Kyle Timmermann of Parkway Advisors. This discussion will emphasize how the economy is shaping insurers' balance sheets and include a discussion on trends with insurers' investments and strategies to be more competitive. Find out more and register here: https://bit.ly/3YbNJNp

A FINC, or a Financial Interest Clause, is the insurance equivalent of a magic wand: wave it at a placement and all the regulatory issues surrounding admitted insurance simply evaporate ... just like that. This article, from Marsh, illustrates yet another reason (tax) why a FINC is usually evidence of wishful thinking, not a planned and structured approach to multinational programmes. As the IUA guidance referred to in the Marsh article makes clear, an insured parent must have an actual financial interest in its uninsured subsidiary for a FINC to work. The FINCs I am asked to look at often state that this interest exists, but saying that an interest exists - and being sure that that interest actually exists - are two very different things. There is a common misconception that an insured parent automatically has a financial interest in its uninsured subsidiary, by virtue of holding shares in that subsidiary. This is not the case, at least under English law, because a shareholder has no direct share in the assets of a company - a shareholder has the entitlements given by the constitution of the company whose shares it holds, and nothing more, and those entitlements are rarely sufficient to constitute the financial interest necessary for a FINC to work properly.

Our inaugural Insurance Accounting Summit is coming up soon on November 19! See registration link in comments. #Larson #Accounting #Insurance

The articles in our ‘Insights into IFRS 17’ series explain the key features of the Standard and provide insights into its application and impact. This article examines the scope of the Standard and considers situations where a contract issued by a non-insurance entity may fall within that scope. #IFRS17 #Accounting #Insurance