New USSGL Accounts (Effective Fiscal Year 2019) 

Account Title: Liability for Unpaid Insurance ClaimsAccount Number: 220000 Normal Balance: Credit Definition: The amount of unpaid insurance claims recorded by administering Federal agencies for adverse eventhe end of the accounting period. Include in this account claims that have been reported but not paid, and claims reported from Exchange Transaction Insurance Programs Other than Life Insurance and Non-Exchange Transactaccount excludes the unpaid claims for Life Insurance Programs, which are recorded in USSGL account 221800, 

Benefits Due and Payable to Beneficiaries”, social insurance, and loan guarantee program claims. This is not an account for estimated losses; Adverse events part of a larger series of events not yet completed by the end of a rebe considered in estimating a liability for losses on remaining coverage within USSGL 266000, “Liability for EsRemaining Coverage of Exchange Transaction Insurance Programs Other Than Life Insurance.” This account doyearend. Justification: Statement of Federal Financial Accounting Standards 51, Insurance Programs adds reporting stanfederal agencies to report consistent information about the liabilities for losses incurred and claimed as well as exremaining coverage. Currently, there is no specific USSGL Account in which Exchange Transaction Insurance aTransaction Insurance Programs (Other than Life Insurance) can report unpaid claims. Some liability USSGL ac

to “Other Liabilities” in the Reclassified Balance Sheet, while one other USSGL account is intended only for actfuture estimates losses. This USSGL account will provide a standard means for federal agencies to record unpaiTransaction Insurance and Non-Exchange Transaction Insurance Programs (Other than Life Insurance.) Account Title: Liability for Unearned Insurance PremiumsAccount Number: 220500 Normal Balance: Credit Definition: The amount of insurance premiums from Exchange Transaction Insurance Programs Other than Life and/or due but not yet earned. This account excludes premiums collected from Life Insurance Programs, social iguarantee programs. This account does not close at yearend. 
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Justification: Statement of Federal Financial Accounting Standards 51, Insurance Programs also adds reporting how and when federal agencies should recognize revenue and liabilities for the insurance protection provided by programs. SFFAS 51 requires premiums to be recognized as revenue when earned over the period of insurance pExchange Transaction Insurance Other than Life Insurance. Non-Exchange Transaction Insurance programs do nwhile Life Insurance Premiums are recognized as revenue when due. Currently, there is no specific USSGL AccExchange Transaction Insurance Programs Other than Life Insurance can report insurance premiums received bu

liability USSGL accounts are classified to the “Other Liabilities” line in the Reclassified Balance Sheet and repogovernmentwide. This USSGL account will provide a standard means for federal agencies to record unearned prExchange Transaction Insurance Other than Life Insurance. Attribute Table

No. USSGL Account Title Anticipated Budg/ 

Prop

Norm 

Bal

Begin 

/End

Debit/ 

Credit

A

TyC

220000 Liability for Unpaid Insurance Claims N P C B/E D/C 220500 Liability for Unearned Insurance Premiums N P C B/E D/C 

Avail 

Time

BEA Cat Borrow 

Source

Budgetary

Impact 

Indicator

Cohort 

Yr

Cust/ 

Noncust

Exch/ 

Nonexch

Fed/ 

Non Fed

Trading 

Ptnr

Tra

Ptnr 

 N  N 
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 Impact on Crosswalks (FY 2019) 

USSGL 

Account

 Balance  Sheet

 Net  Cost

 Net  Position

Custodial  Activity

Reclassified 

Balance 

Sheet

Reclassified  Net 

 Cost 

Reclassified 

Net 

Position

220000 Line 27 N/A N/A N/A Line 6.8 N/A N/A 220500 Line 27 N/A N/A N/A Line 6.8 N/A N/A 

Validations: 22 and 23. Impacts to the following Transaction Codes: B110 Adds 220000 as a Debit entry to record a confirmed disbursement schedule previously accrued. B402 Adds 220000 as a Credit entry to record the delivery of goods or services and to accrue a liability. 

B408 Adds 220000 as a Debit entry to reclassify payable schedules for disbursements to "in-transit" until the pa

confirmed. 

B420 Adds 220000 as a Credit entry to record the liability for cost to be funded in the future. 

B602 Adds 220500 as a Credit entry to record revenue received in advance.C424 Adds 220500 as a Debit entry to record current-period earnings on income received in advance. 

D134 Adds 220000 as a Credit entry to record the delivery of goods or services ordered in a prior year and to acD308 Adds 220000 & 220500 as Debit entries to record a prior-period adjustment that reduces the value of a liaD312 Adds 220000 & 220500 as Credit entries to record a prior-period adjustment that increases the value of a 

Program 

Rpt Cat

Reimb 

Flag

Year

of 

BA

Reduction 

Type Fund Type

Reporting 

Type Code

 CF/DF/EC/EG/EM/EP/ER/ES/ET/GA/TR/UG/US/UT E/F/U  CF/DF/EC/EG/EM/EP/ER/ES/ET/GA/TR/UG/US/UT E/F/U 
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Revised USSGL Accounts (Effective Fiscal Year 2019) Account Title: Actuarial Liabilities for Federal Insurance and Guarantee ProgramsAccount Number: 266000 Normal Balance: Credit Current Definition: The amount recorded by administering Federal agencies for estimated losses on Federal insprogram claims (except social insurance and loan guarantee programs). This account does not close at yearend. Proposed Definition: The amount recorded by administering Federal agencies for estimated losses on remaining 

Exchange Transaction Insurance Programs Other Than Life Insurance. (Refer to FASAB SFFAS No. 51, "Insura

paragraphs 30-37.) This account excludes the estimated losses for Life Insurance Programs, which are recorded 

263000, “Actuarial Life Insurance Liability”, social insurance, and loan guarantee program claims. This account yearend. Justification: Statement of Federal Financial Accounting Standards 51, Insurance Programs adds reporting stanfederal agencies to report consistent information about the liabilities for losses incurred and claimed as well as exremaining coverage. This USSGL 266000 is classified to “Insurance and Guarantee Program Liabilities” in the RSheet, but the Description in the TFM USSGL Supplement needs clarified that this account is only intended for aestimates of future losses on remaining coverage. Account Title: Contingent Liabilities Account Number: 292000 Normal Balance: Credit Current Definition: The amount that is recognized as a result of a past event where a future outflow or other sacprobable and measurable. Record a contingent liability related to environmental cleanup cost in USSGL account Cleanup Cost Liability." This account does not close at yearend. Proposed Definition: The amount that is recognized as a result of a past event where a future outflow or other sa

probable and measurable. Record environmental cleanup cost in USSGL account 299500, "Estimated Cleanup Cthe estimated losses arising from adverse events expecting during a coverage period of Exchange Transaction Ins

Other Than Life Insurance in USSGL 266000, “Actuarial Liabilities for Federal Insurance and Guarantee Progra

does not close at yearend. 
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Justification: Statement of Federal Financial Accounting Standards 51, Insurance Programs adds reporting stanfederal agencies to recognize a reasonable estimate of future losses for an open insurance coverage period, extenof an accounting period. SFFAS 51 removes ambiguity of the recognition of contingent liabilities related to estimlosses. This revised description of Contingent Liabilities allows agencies to differentiate between expected adveand other contingent liabilities.