As part of the final regulations under the Tax Cuts and Jobs Act, the Internal Revenue Service (IRS) released the Loss Reserve Discounting Factors for the 2019 accident year as part of Rev. Proc. 2019-31. Johnson Lambert has compiled all

Insurance companies received good news recently with the release of two new revenue procedures addressing the new loss discounting rules for property and casualty companies, as enacted by the Tax Cuts and Jobs Act (the “TCJA”).  Most taxpayers will find

More than two years after it began its project, the AICPA Auditing Standards Board (ASB) issued Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. In January 2015,

Although it intended to simplify and clarify investment disclosures and create more consistent application across entities, the FASB caused some unintended confusion when it issued the following Accounting Standards Updates (ASU): ASU 2015-07 Disclosures for Investments in Certain Entities That

After several months of review, the FASB unanimously voted to delay the implementation deadline for the following Accounting Standards Updates (ASUs), which allows additional time for necessary education before undertaking the significant changes that will be required.      

Financial preparers caught a break on Wednesday, July 17, when FASB voted to have staff recommend new effective dates of four accounting standards: leases, credit losses, hedging, and long-duration insurance contracts. This is welcomed news after many recent challenging updates,