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Unformatted text preview: ets should be disclosed in notes as being designated for future catastrophic losses
Determine whether amounts paid to ISFs that differ from required amounts are in substance interfund loans or transfers Accounting Aspects for SIFs
Accounting Aspects for SIFs Revenues from billings to departments
Investment of SIF resources
Recognition and settlement of claims & judgments Revenue Recognition
Revenue Recognition Amounts paid based on actuarial estimates should be recorded as revenues
Overpayments If intended to cover next year’s contribution, record as deferred revenues
If not so intended, payment may be a loan, advance, or transfer Expense Recognition
Expense Recognition Information prior to issuance of financial statements indicate that it is probable that an asset was impaired or a liability was incurred at date of statements.
Amount of loss can be reasonably estimated. Establish SIF
Transfer to SIF 500,000
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This note was uploaded on 02/22/2013 for the course ACCT 324 taught by Professor Jones during the Spring '13 term at Texas A&M.
- Spring '13