Agents await approval of GAAP model. (generally accepted accounting principles)

National Underwriter Property & Casualty-Risk & Benefits Management, March, 1993 by Mulcahy, Colleen

Independent agents have hurdled yet another barrier blocking implementation of generally accepted accounting principles (GAAP) for producers. Earlier this month, the Insurance Companies Committee of the New York-based American Institute of Certified Public Accountants approved a plan developed by a coalition of producer groups to create a GAAP plan that is flexible, addressing the needs of all types of agencies and brokerages, according to John Pottridge, representative on the issue for the Insurance Agents Coalition and vice president with the National Association of Professional Insurance Agents, Alexandria, Va.

Other participants in the coalition include the National Association of Casualty and Surety Agents, Washington, D.C., the Independent Insurance...

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