Accounting and Financial Reporting

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What You Will Learn:

Participants will receive a thorough orientation to statutory and GAAP accounting concepts for P&C companies. Additionally, the class provides a survey of the statutory Annual Statement and GAAP financial statements. The class also includes a brief introduction to federal income taxation as well as current year updates for accounting and tax changes.

Seminar Content:

• P & C products and terminology
• Framework of statutory and GAAP accounting
• Overview of the NAIC Annual Statement
• Premium accounting
• Expense classification and recognition
• Deferred acquisition cost methodology (including recently adopted guidance effective in 2012)
• Loss concepts and terminology
• Reinsurance concepts and Schedule F highlights
• Review of loss information in key parts of Schedule P
• Investment valuations and Schedule D overview
• Statutory and GAAP financial statements and disclosures
• Federal income tax overview (including recently adopted changes)

Field of Study: Accounting

Who Should Attend:

Accountants, auditors, consultants, analysts, managers and others desiring an understanding of the basics of insurance accounting theory and the financial reports prepared by P&C insurers.

Prerequisites:

No advance preparation or prerequisite is required for this basic level seminar. For a more detailed discussion of the preparation of Annual Statement schedules and exhibits, we recommend that you attend the four-day Annual Statement seminar. Non-financial personnel desiring a more general discussion of these topics should consider our Financial Reporting for Non-Financial Managers seminar.

Class Times:

Class begins at 8:30 a.m. and ends at 5:00 p.m. except on the last seminar day which ends at 12:15 p.m.

Estimated CPE Credit: 20.0 hours

Tuition: $1895

Upcoming seminar dates and locations:

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