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An internal service fund used for insurance activities should recognize an expense and a liability when: A claim has been made, it is reasonably possible
An internal service fund used for insurance activities should recognize an expense and a liability when: A claim has been made, it is reasonably possible that a liability has been incurred, and the amount will be reasonably estimable at some time in the near future. A claim has not been made, but it is reasonably possible that a liability has been incurred or an asset has been impaired, and an amount can be reasonably estimated. A claim has been made, it is probable that an asset has been impaired, and the amount will be reasonably estimable at some time in the near future. A claim has been made, it is probable that a liability has been incurred, and the amount can be reasonably estimated
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