Many industries have specific reporting standards that are necessary in order to present a true picture of an entity’s financial position. For example, insurance companies must follow the accounting and reporting standards established by state insurance departments, including the application of SAP (Statutory Accounting Principles). Also unique to this industry is the estimate of loss claims.

For this portion of the project, discuss the industry-specific reporting standards (both in terms of accounting and regulation) of the company you have chosen to study. To address industry-specific reporting requirements of your company, it will be necessary to perform some external research, such as finding out the industry’s professional organization.

Submit a minimum 5-page (double-spaced) paper that addresses the following:

• Identify the company’s industry-specific reporting requirements, including the history and objective of these requirements.
• Describe the organization that is responsible for establishing and regulating the reporting requirements of your company’s industry.
• Describe the consequences of noncompliance with reporting requirements, both in terms of the regulatory consequences as well as the ethical/legal consequences.
• Identify emerging trends within the industry that will have an effect on the required reporting.