RE: SFAS #60

Giunta,Theresa ( (no email) )
Thu, 9 Jul 1998 13:05:00 -0500

I'm not reading FASB#60 yet, but I would like to point out that the
FASB's are for all companies, not just insurance. They relate to
financial accounting standards, not SAP, and the AS is on a SAP basis.

I haven't reread any accounting yet, so let me know if I'm wrong.
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From: jim@starplace.com
To: studygroup7@lists.casact.org
Subject: SFAS #60
Date: Monday, July 06, 1998 2:21PM

OK - so I started with a weird reading. That said, I have a question
for the altruistic exam-passer-types out there:

SFAS#60, on the second page (Summary before the index) says that
"Realized investment fains and loses are reported in the income
statement below operation income and net of applicable income taxes."
A look at my company's Annual Statement's Statement of Income, p. 4
shows that Line 9 "Net realized capital gains or losses" has federal
income taxes removed on line 15. Contradiction, no? Any
explanations?

Jim Shoenfelt

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