DAC meaning in Governmental ?

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Answer:

What is Deferred Acquisition Costs mean?

In insurance, Deferred Acquisition Costs (DAC) is an asset on the balance sheet representing the deferral of the cost of acquiring new insurance contracts, thereby amortising the costs over their duration. Insurance companies face large upfront costs incurred in issuing new business, such as commissions to sales agents, underwriting, bonus interest and other acquisition expenses.

DAC under U.S. GAAP, MSSB (Modified Statutory Solvency Basis) and IAS 39 are all very similar, except thatIAS 39 only allows direct, incremental costs to be deferred rather than all acquisition costs.

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Posted on 05 Dec 2024, this text provides information on Miscellaneous in Governmental related to Governmental. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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