Insurance Industry Fundamentals

Accounting for insurance companies under U.S. GAAP can be complicated. Our insurance accounting CPE courses are designed to help accountants and auditors understand the specialized accounting and financial reporting requirements that apply to insurers, including the guidance in ASC 944 Financial Services - Insurance.

This collection includes nine self-study courses eligible for 12.5 CPE credits. It provides a practical foundation in insurance accounting while also covering several related U.S. GAAP topics that frequently affect insurance company financial statements. The collection is useful for professionals who are new to the insurance industry as well as those who need a comprehensive refresher.

Topics covered include:

• Introduction to the insurance industry
• Unique financial reporting requirements for insurance companies
• Short-duration insurance contracts (ASC 944)
• Reinsurance accounting (ASC 944)
• Investments in debt securities (ASC 320)
• Fair value measurements (ASC 820)
• Derivatives and related accounting considerations (ASC 815)
• Credit losses (ASC 326)

Further details

The collection begins with the economics of the insurance business and the specialized accounting and reporting framework in ASC 944. Learners first build an understanding of how insurers generate premiums, incur and reserve for claims, evaluate profitability, and present their financial statements. That foundation is especially important because insurance accounting often looks very different from accounting for a typical operating company.

From there, the courses move into short-duration insurance contracts, including the underwriting process, accounting for premiums, loss and loss-adjustment-expense reserves, premium deficiencies, and important differences between U.S. GAAP and statutory accounting principles (SAP). Reinsurance is addressed as a separate topic, with attention to contract terms, risk-transfer analysis, the accounting for ceded and assumed arrangements, and the ways U.S. GAAP and SAP can produce different results.

Because insurers are also significant investors, the collection expands beyond ASC 944 to the accounting topics that frequently affect an insurer's investment portfolio and balance sheet. That includes debt and equity securities under ASC 320 and ASC 321, fair value measurements under ASC 820, derivatives under ASC 815, and credit losses under ASC 326. The result is a broad view of both the insurance-specific guidance and the related U.S. GAAP topics that shape an insurer's financial statements.

Who will benefit

These courses are well suited for accountants and financial reporting professionals working at property-and-casualty or other insurance entities, as well as auditors who serve insurance clients. They are also useful for professionals moving into the insurance industry who need to understand not only ASC 944, but also the investment, fair value, derivative, credit-loss, and SAP-related issues that commonly accompany insurance accounting.

Value proposition

Purchase all 9 courses for $599 instead of $1,418 if purchased separately—a savings of $819.

Interested in group discounts? Contact us today to learn more.