Exposure draft issued on accounting by insurance enterprises for deferred acquisition costs.

• Position: Accounting & auditing news - Brief Article

The AICPA's Accounting Standards Executive Committee has issued an exposure draft of a proposed statement of position, Accounting by Insurance Enterprises for Deferred Acquisition Costs on Internal Replacements Other Than Those Specifically Described in FASB Statement No. 97. Comments are due May 14 (download the file from www.aicpa.org/ members/div/acctstd/edo/acctg_for_DAC _2003_03.asp).

A final SOP would be effective for internal replacements occurring in fiscal years beginning after Dec. 15, 2003, with earlier adoption...