GAAP and Statutory Accounting in Lms.Ops!

With our 19.80.9 release, LMS.Ops supports both GAAP and Statutory (known as SAP or STAT) Accounting methodologies for customers electing HFI (held for investment) accounting. In the United States, authorized insurers are required to prepare financial information according to SAP. However, most insurers with loan portfolios also need to be able to report according to Generally Accepted Accounting Principles (GAAP), as these are a common set of accounting standards widely used to compare financial performance across company types.

LMS.Ops allows insurance company investors to report financials according to both pool-level GAAP accounting and loan-level SAP accounting on the same portfolios:

  • New pool-level transactions are booked instantaneously with loan-level SAP entries.
  • Users can to update and track yields and impairments on account pools.
  • Maintenance transactions such as dropping a loan from an account pool are supported
  • New GAAP accounts for Purchase Premium/Discount, Realized Gain/Loss, Amort of Purchase Premium on the loan-level. 
  • New Account Pool History dashboard to track pool-level activity