Exposure draft issued on Accounting and Reporting by Insurance Enterprises.

• Position: Accounting & auditing news - Brief Article

The AICPA's Accounting Standards Executive Committee has issued an exposure draft of a statement of position, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts. Comments are due Oct. 31. The exposure draft provides guidance on accounting and reporting by insurance enterprises for certain nontraditional long-duration contracts and for separate accounts, including:

* Separate account presentation

* Interest in separate accounts

* Gains and losses on the transfer of assets from the general account to a separate account

* Liability valuation

* Return based on a contractually referenced pool or assets or index

* Annuitization options

* Determining the significance of mortality and morbidity risk and classification of contracts that contain death or other insurance benefit features

* Accounting for contracts that contain death or other insurance benefit...