Live Blog: Emerging Accounting Issues Working Group & Statutory Accounting Principles Working Group Meeting
On Saturday, March 29th, 2014, the Emerging Accounting Issues Working Group & Statutory Account Principles Working Group held a meeting to adopt certain standards and to expose other proposals for comments. The sole topic of substantial debate surrounded moving forward with the Accounting for the Risk Sharing Provisions of the Affordable Care Act (the “Act”). In addition, Virginia set forth a revised version of the Act for consideration, including language addressing admission restrictions on certain receivables. A motion was upheld to adopt the earlier version without Virginia’s additions, while deferring the newer version to the Statutory Accounting Principles Working Group for further review and comment.
The meeting also resulted in successful motions to expose, among other items, (i) an amendment to SSAP 26—Bonds, Excluding Loan-backed and Structured Securities to require disclosure of structured notes, (ii) nonsubstantive revisions to Issue Paper No. 99 – Nonapplicable GAAP Pronouncements clarifying that the definition of “public business entity” under ASU 2013-12 is not applicable to statutory accounting; (iii) nonsubstantive revisions to SSAP No. 22—Leases to adopt with modification ASU 2014-05 and clarify that service concession arrangements are not considered lease arrangements, equipment or property and (iv) nonsubstantive revisions to all issue papers to add a reference to the original SSAP from which the paper derived its authority, as well as the current SSAP guidance on the issue.
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