For an insurance company, describe the difference between GAAP reporting and SAP reporting of deferred policy acquisition

Question:

For an insurance company, describe the difference between reporting and SAP reporting of deferred policy acquisition costs.

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...