It seems to me that there is inconsistency in the accounting treatment of structured settlements in SSAP 65 and Odomirok Chpt 22.
It is super confusing but Odomirok says that if a release is NOT signed then SAP is the same as if a release was signed but the insurer must disclose it in the Notes. This means that the Reserves are decreased. But SSAP 65 says that there is no decrease in reserves if a release is not signed. It also adds that the insurer is the owner or claimaint is the owner.
I'm confused
Has anyone made sense of this? Maybe SSAP 65 has more detail in the case that a release is not signed?
It is super confusing but Odomirok says that if a release is NOT signed then SAP is the same as if a release was signed but the insurer must disclose it in the Notes. This means that the Reserves are decreased. But SSAP 65 says that there is no decrease in reserves if a release is not signed. It also adds that the insurer is the owner or claimaint is the owner.
I'm confused
Has anyone made sense of this? Maybe SSAP 65 has more detail in the case that a release is not signed?
Structured Settlements SSAP 65 v Odomirok 22
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