Chapter 11 ppt

And amountoflosscanbereasonably estimated

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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. AND Amount of loss can be reasonably estimated. Establish SIF Establish SIF General Fund Transfer to SIF 500,000 500,000 Cash Self­Insurance Fund Cash Tr...
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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.

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