SOPs being issued on reporting financial highlights by separate accounts of insurance enterprises, and by nonregistered investment partnerships.

• Position: Accounting & auditing news - Statement of Position - Brief Article

The AICPA's Accounting Standards Executive Committee this month will issue Statement of Position 03-5, Financial Highlights of Separate Accounts: An Amendment to the Audit and Accounting Guide Audits of Investment Companies (No. 014940CPA12). The SOP will provide guidance on reporting financial highlights by separate accounts of insurance enterprises.

It is effective for annual financial statements issued for fiscal years ending after Dec. 15, 2003, and for interim financial statements issued after initial application. Presentation of previously issued financial highlights on a comparable basis is permitted, but not required. The provisions of the SOP should be applied prospectively from the beginning of the year of adoption.

AcSEC also is issuing Statement of Position 03-4, Reporting Financial Highlights and Schedule of Investments by Nonregistered Investment Partnerships: An Amendment to the Audit and Accounting Guide Audits Of Investment Companies and AICPA Statement of Position 95-2, Financial Reporting By Nonpublic Investment Partnerships (No. 014939CPA12). The SOP will provide guidance on reporting financial...