By Rob Starr, Content Manager, Big4.com
Baker Tilly Virchow Krause (Baker Tilly) has published an educational article addressing the updates to SSAP No. 101 and the question and answer document adopted by the National Association of Insurance Commissioners (NAIC).
In the article, Baker Tilly explains the main changes to SSAP No. 101, including the tax loss contingency model, three-component admissibility calculation, and modified tax-planning strategy. Observations regarding the Q&A document affecting each of these areas are also included. The full article is available online.
SSAP No. 101 is the Statement of Statutory Accounting Principles No. 101, Income Taxes, A Replacement of SSAP No. 10R and SSAP No. 10 and was effective January 1, 2012. It establishes statutory accounting principles for current and deferred federal and foreign income taxes and current state income taxes.
On December 12, Baker Tilly will hold a complimentary year-end webinar to help finance executives fully understand these accounting principles. Specialists will discuss the updates to SSAP No. 101 and the Q&A document clarifications. Advance questions may be submitted through the registration form.