Briefly describe the difference between accounting for intangibles for an insurance company under GAAP and under SAP.

Question:

Briefly describe the difference between accounting for intangibles for an insurance company under and under SAP.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...