The Surety Industry Remains Strong, Well Regulated, and Committed to the Financial Strength and Security of Surety Bonds
NASBP SFAA Statement on First Sealord DOC.pdf
Holmes of Ernstrom & Dreste LLP Published Summer 2021 A surety typically relies, at least in part, on reports and financial statements provided by its principal to make bond underwriting decisions
Construction-oriented certified public accountants (CPAs) have an advantage in helping contractors produce accurate, timely financial reports and address a wide range of risks, says Emilio F
Do I have to apply this standard if I report my financial statements on a tax basis of accounting or any other special purpose framework?
Investigators from government agencies, with the cooperation of financial institutions, are meticulously reviewing loan applications and related submissions for any suspected fraudulent conduct
NASBP , along with AIG , GALLINA LLP , Liberty Mutual Surety , Travelers , and Zurich are working to conduct a pilot on the use of standards to reduce costs and streamline processing in the transfer of financial data between construction CPAs, contractors, agents and carriers
CAPTURE THE ESSENTIALS Your database of records or filing system should contain essential information like invoices, receipts, contracts, financial statements, tax returns, employee records, licenses, permits, and other documentation related to your business operations
Brokers even don the hat of a CPA in evaluating the current and projected financial position of contractors
This issue is particularly of concern to the surety industry, since the Financial Accounting Standards Board (FASB) isssued its Exposure Draft, Revenue from Contracts with Customers in June 2010. The FASB proposal would have a significant and undesirable impact on how contractors prepare their financial statements and how surety professionals review their financial documents
NASBPLetter_FileRef1820-1001.pdf