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• W309264913 abstract "Since the mid-1980s, government units seeking to obtain adequate property and liability insurance have encountered an increasingly tight market. For some units, insurance policies have been canceled or not renewed or the coverage severely restricted. At other times, renewal notices have been accompanied by substantially increased premiums. As a result of this changing insurance environment, government units have reevaluated risk management practices, seeking alternatives to commercially-purchased insurance. As these units moved away from commercially-obtained insurance to other means of financing losses, problems emerged in the accounting for such alternatives. This is especially true when units elect to assume some of these additional risks. To the extent that this risk assumption does occur, units should provide for anticipated losses in their budgets, and actual losses--as they occur--must be shown on their operating statements, with liabilities from these actual losses being reported on their balance sheets. It should be recognized that, depending on how a government unit's insurance coverage has changed, the amount of additional liabilities recognized on its balance sheet may or may not be significant. For all governments, however, the aggregate amounts may be potentially staggering. The reasons for this increased balance sheet debt are twofold. First, most government units have emphasized accounting for actual claims, ignoring claims which may be asserted in the future for events which have already occurred. Second, even for those units attempting to follow authoritative pronouncements, as changes in obtaining insurance coverage have developed, accounting guidelines have not kept pace with the changing insurance environment. Since 1986 the Governmental Accounting Standards Board (GASB) has been investigating issues associated with accounting for risk management, trying to determine how the limited guidance contained in present accounting standards should be expanded to incorporate these new insurance arrangements. GASB Statement No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues,(1) issued in November, 1989, has the potential for producing significant changes in accounting for risk management activities for some government units. After briefly reviewing current government risk management practices, this article summarizes the board's conclusions made in the new statement. It concludes by discussing the impact of these proposed accounting standards on governments' risk management practices and on their financial statements. PRESENT RISK MANAGEMENT PRACTICES Most businesses and government units attempt to reduce the types and amounts of risk they are exposed to daily. The process through which these entities seek either to avoid accidental loss or, when it occurs, to minimize its consequences, is called risk management. Generally speaking. all entities manage risk through both risk control and risk financing. Risk control refers to procedures which may be instituted to reduce exposure to risk (e.g. locking doors to prevent theft or vandalism), while risk financing refers to a conscious decision by the entity's management regarding which parties are to assume risk. While risk control is an essential part of risk management, the focus of the new GASB standard (and this article) is on risk financing. There are two ways by which governments finance their risks. In general, these involve transferring risk by obtaining external insurance coverage or retaining risk by deciding not to acquire outside coverage for all or a portion of potential losses. This latter alternative is often called self-insurance ale though it should be emphasized that no actual insurance protection is obtained through self-insurance. These two basic alternatives-risk transfer and risk retention are described below. * Risk Transfer (including risk pools). …" @default.
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• W309264913 title "GASB Statement No. 10: Accounting and Managerial Implications" @default.
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