Agents continue to battle over GAAP. (generally accepted accounting principles for insurance agents)

National Underwriter Property & Casualty-Risk & Benefits Management, June, 1992 by Mulcahy, Colleen

Insurance agents are continuing to hammer away at the American Institute for Certified Public Accountants and its draft exposure on accounting principles for producers. Producer representatives fired off letters last week in anticipation of an AICPA committee meeting to consider the controversial draft, which was finalized by the AICPA Insurance Agents & Brokers Task Force that drafted it and sent to the Insurance Companies Committee for the next level of consideration.

"IIAA feels strongly that this document does not demonstrate a realistic view of how agents do business and is attempting to institute an ivory tower, |one size fits all' accounting system on a very diverse community," warned Russell Burnett, vice president and chief financial officer with...

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