Description: A discussion of a possible replacement of FASB Statement No. 141 SFAS 141. The exposure draft was referred to in this article as “141R.” “141R” provides guidance for application of the acquisition method, which was previously called the purchase method in the case of business combinations. The draft requires that all business combinations including the merger of mutual insurance companies be accounted for by the acquisition method.

Description: This paper discusses approaches for reporting pre-need plans in the Phillipines under the generally accepted accounting principles of the United States “U.S. GAAP. In particular, a focus is on contracts accounted for under SFAS 97 investment-oriented contracts.

Description: Generally accepted accounting principles 'GAAP' are those that apply to external financial reporting of publicly owned business enterprises. The principles that constitute GAAP vary between stock and mutual insurers, from product class to product class, and according to the purchase status of the business. This paper highlights additional reading materials that provide concise information regarding GAAP principals.