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Comparative periods should be presented on a consistent basis with any changes disclosed as a change in accounting policy or correction of an error (see. hKO1'1D]a15tt2{GqD47sy,x(%(+#1Ee9Q3z:,i=-#}Pba,qRcE4p&tRz*Gh) Zb nX-kL-(m\c*=soO:i h8N}IPuY*)RmbNhwyY8(pQ/iW[L|aBU&v8A` o US pandemic response and relief funding proactively mitigating fraud, waste and abuse, The COO Imperative: How human emotions can unlock supply chain success, 2023 Global economic outlook: Transforming uncertainty into opportunity, Select your location Close country language switcher. Appendix A summarizes the updates.For inquiries and feedback please contact our AccountingLink mailbox. Switching from not discounting liabilities to discounting liabilities should be treated as a change in the method of applying an accounting principle, subject to preferability. See more on AccountingLink Subscribe to AccountingLink updates, Do Not Sell or Share My Personal Information. 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Unless the conditions of ASC 210-20-45-1 are met, offsetting prepaid insurance and receivables for expected recoveries from insurers against a recognized incurred but not reported liability or the liability incurred as a result of a past insurable event would not be appropriate. Determining which accounting policies are considered significant is a matter of management judgment. remember settings), Performance cookies to measure the website's performance and improve your experience, Marketing/Targeting cookies which are set by third parties with whom we execute marketing campaigns and allow us to provide you with content relevant to you. See more on AccountingLink Subscribe to AccountingLink updates, Do Not Sell or Share My Personal Information. Subscription required for downloading, Depending on the facts and circumstances, loss contingencies may require a reporting entity to (1) accrue a liability and disclose the nature of the contingency (. Discover how EY insights and services are helping to reframe the future of your industry. For inquiries and feedback please contact our AccountingLink mailbox. Welcome to Viewpoint, the new platform that replaces Inform. Are you still working? Reporting entities with this fact pattern may need to seek assistance from legal counsel to understand whether the primary obligor designation has been transferred to the insurance company, and whether the related liability has been extinguished by purchasing workers' compensation insurance. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. Select a section below and enter your search term, or to search all click See more on AccountingLink Subscribe to AccountingLink updates, Do Not Sell or Share My Personal Information. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. 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Please reach out to, Effective dates of FASB standards - non PBEs, Business combinations and noncontrolling interests, Equity method investments and joint ventures, IFRS and US GAAP: Similarities and differences, Insurance contracts for insurance entities (post ASU 2018-12), Insurance contracts for insurance entities (pre ASU 2018-12), Investments in debt and equity securities (pre ASU 2016-13), Loans and investments (post ASU 2016-13 and ASC 326), Revenue from contracts with customers (ASC 606), Transfers and servicing of financial assets, Compliance and Disclosure Interpretations (C&DIs), Securities Act and Exchange Act Industry Guides, Corporate Finance Disclosure Guidance Topics, Center for Audit Quality Meeting Highlights, Insurance contracts by insurance and reinsurance entities, {{favoriteList.country}} {{favoriteList.content}}, Chapter 23: Commitments, contingencies, and guarantees. Handbook: Climate risk in the financial statements. This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. If some amount within the range of loss appears at the time to be a better estimate than any other amount within the range, that amount shall be accrued. In addition, an employer's legal obligation is not altered if the purchased insurance contract includes all claims handling and direct contact with employees. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Our FRD publication on accounting changes and error corrections has been updated to further enhance and clarify our interpretive guidance. 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