Accounting for Life Insurance Contracts with Cash Surrender Value

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Consultation has concluded

The Accounting Standards Board (AcSB) proposes to issue new Accounting Guideline AcG-21, Accounting for Life Insurance Contracts with Cash Surrender Value, which would address accounting for life insurance contracts that contain a cash surrender value component from the policy owner’s point of view.

The new Guideline would be issued in Part II of the CPA Canada Handbook – Accounting Standards for Private Enterprises and would also apply to not-for-profit organizations (NFPOs) using the standards in Part III of the Handbook, as relevant.

Our new proposed Guideline includes guidance on:

  • recognition and measurement of cash surrender value of a life insurance policy;
  • presentation of policy premiums and changes in cash surrender value, if any; and
  • disclosures.

Take our survey and tell us what you think of our new proposals for AcG-21. We look forward to reading your insights!

The Accounting Standards Board (AcSB) proposes to issue new Accounting Guideline AcG-21, Accounting for Life Insurance Contracts with Cash Surrender Value, which would address accounting for life insurance contracts that contain a cash surrender value component from the policy owner’s point of view.

The new Guideline would be issued in Part II of the CPA Canada Handbook – Accounting Standards for Private Enterprises and would also apply to not-for-profit organizations (NFPOs) using the standards in Part III of the Handbook, as relevant.

Our new proposed Guideline includes guidance on:

  • recognition and measurement of cash surrender value of a life insurance policy;
  • presentation of policy premiums and changes in cash surrender value, if any; and
  • disclosures.

Take our survey and tell us what you think of our new proposals for AcG-21. We look forward to reading your insights!