Statutory returns – any return required by statute. Regulatory returns – any return required/requested by a supervisory body. An example of a statutory return that is not regulatory would be a VAT return. An example of a regulatory return that is not statutory would be various Lloyds’ returns, e.g. the LCR.

What is regulatory accounting?

Regulatory accounting principles – also known as RAP – are a set of rules and regulations that were created with the intention of helping low net worth saving and loan associations (S&Ls) meet capital requirements by the Federal Home Loan Bank Board.

What is statutory accounting legislation?

The Statutory Accounting Principles (SAP) are accounting regulations for the preparation of an insurance firm’s financial statements. The focus of SAP is to ensure the solvency of insurance firms so that they are able to meet the obligations to their policyholders. State law oversees the implementation of SAP.

What is difference between GAAP and stat?

GAAP is a set of accounting standards and procedures that companies have agreed to use when reporting their financial data. STAT is a set of accounting standards and procedures that insurance companies use to report their financial data. GAAP and STAT procedures differ considerably.

What is Statutory report example?

Statutory reporting is the mandatory submission of financial and non-financial information to a government agency. Each industry has its own set of laws and regulations (statues) that mandate reports.

What are regulatory liabilities?

The term regulatory liability refers to specific revenues or gains that a government agency permits a regulated utility to defer to its balance sheet.

What are statutory financials?

Statutory Financial Statements means financial statements required to be filed by the Operating Subsidiaries with insurance regulatory authorities under applicable insurance regulatory laws, including the Annual Financial Statement and the Quarterly Financial Statements for each such Operating Subsidiary.

What are the examples of statutory record?

Examples of statutory records include: admission/withdrawal register, attendance register, scheme of work, time-table, school diary, log book, finance record books, continuous assessments records, etc. Non-statutory records are of private use to schools that find them useful.

What are the types of statutory report?

The followings are the examples of statutory report.

• Statutory Report submitted at the statutory meeting of the company.
• Directors’ Report to the Annual General Meeting.
• Annual Returns.
• Auditors’ Report.
• Reports by Inspectors appointed to investigate the affairs of the company.

  What are regulatory assets and liabilities?

  For example, are the higher revenues expected to be collected from future customers as a result of a particular rate regulation order the kind of ‘future economic benefits’ referred to in the Framework’s definition of an asset. …

  What is a utility regulatory asset?

  A regulatory asset is a specific cost of service recovery that a regulatory agency permits a U.S. public utility (usually an energy company) to defer to its balance sheet. These amounts would otherwise be required to appear on the company’s income statement as current period expenses.