Accounting and Reporting by Insurance Enterprises, Statement of Financial Accounting Standards No. 60

This FAS Statement establishes financial accounting and reporting standards (GAAP) for insurance enterprises other than mutual life insurance enterprises, assessment enterprises and fraternal benefit societies. The Statement provides definitions required to classify insurance contracts as short-duration or long-duration. It describes accounting and reporting standards for various elements of insurance company financial statements, such as, Premium revenue, Claim and other costs, Investments, Real Estate, Policyholder Dividends etc.