[GIM2050] Accounting framework: Association of British Insurers: Statements of Recommended Practice 1990, 1998, 2003 and 2005
ABI SORP: 1990 and 1998
The key changes between the ABI SORPs of 1990 and 1998 were as follows:
•Annual accounting (see GIM2090) became the recommended accounting treatment for all kinds of insurance business, deferred annual accounting was outlawed, and the funded basis became acceptable for 2, 3 or 4 year funds: only in restricted circumstances.
•The revenue account became referred to as the technical account and the profit and loss account as the non-technical account.