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When premiums are paid at the inception of a contract, an unearned premium liability is recognized. There is no specific authoritative guidance on the timing of balance sheet recognition for uncollected written premiums or unearned premiums for contracts with premiums payable in installments.
- Chapter Overview
ASU 2018-12, Financial Services—Insurance (Topic 944):...
- Chapter Overview
23 maj 2024 · Unearned premiums are treated as liabilities for accounting purposes, but they also have tax consequences that can affect an insurer’s financial planning and cash flow management. In many jurisdictions, insurers are required to pay taxes on earned premiums, not on the unearned portion.
PwC is pleased to offer our updated Insurance contracts guide addressing accounting by insurance and reinsurance entities for insurance contracts. This guide summarizes the applicable accounting literature, including relevant references to and excerpts from the FASB’s Accounting Standards Codification (the Codification). It also provides our
18 sie 2024 · Understanding how these premiums are calculated and allocated is essential for ensuring fair pricing and maintaining the solvency of insurance companies. The process involves multiple steps, from gross premium calculation to net premium adjustments, each with its own set of complexities.
6 sie 2012 · Return premiums are treated as “negative receivables,” and premium credit and refunds are managed outside the general accounting system.
21 gru 2021 · The premium allocation approach (or PAA) is a simplified measurement model in IFRS 17 to account for insurance contracts.
Deloitte presents the 2020 edition of the Insurance Accounting Guide and Financial Reporting Update. This accounting guide provides topics of particular interest to insurance entities.
