March 30, 2016, letter commenting on the FASAB's "Insurance Programs Exposure Draft"
Published: Mar 30, 2016. Publicly Released: Mar 31, 2016.
- Full Report:
This letter provides the U.S. Government Accountability Office's (GAO) comments on the Federal Accounting Standards Advisory Board's exposure draft (ED) entitled Insurance Programs. The ED defines terms relating to insurance programs and provides guidance for how and when insurance programs should recognize revenue, expenses, and liabilities. The ED also provides guidance for estimating losses for remaining coverage when contracts provide coverage after the financial reporting date. In addition, the ED updates existing disclosure guidance to encourage concise, meaningful, and transparent information.