18) Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2019

Notes

18) Accumulated Other Comprehensive Income

18)Accumulated Other Comprehensive Income 

The following summarizes the changes in accumulated other comprehensive income:

	December 31
	2019	2018
Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-01) for equity securities	$                    -	$       (603,170)
Unrealized gains on fixed maturity securities available for sale	17,315,770	-
Reclassification adjustment for net realized gains in net income	-	-
Net unrealized gains before taxes	17,315,770	-
Tax expense	(3,636,311)	-
Net	13,679,459	-
Unrealized gains on restricted assets (1)	35,550	-
Tax expense	(8,856)	-
Net	26,694	-
Unrealized gains on cemetery perpetual care trust investments (1)	29,904	-
Tax expense	(7,449)	-
Net	22,455	-
Unrealized gains for foreign currency translations adjustments	972	(3,761)
Tax expense	(243)	938
Net	729	(2,823)
Other comprehensive income changes	$    13,729,337	$       (605,993)
_______________
(1) Fixed maturity securities available for sale

The following is the accumulated balances of other comprehensive income as of December 31, 2019:

	Beginning Balance December 31, 2018	Change for the period	Ending Balance December 31,2019
Unrealized gains on fixed maturity securities available for sale	$                    -	$   13,679,459	$   13,679,459
Unrealized gains on restricted assets (1)	-	26,694	26,694
Unrealized gains on cemetery perpetual care trust investments (1)	-	22,455	22,455
Foreign currency translation adjustments	(2,823)	729	(2,094)
Other comprehensive income (loss)	$           (2,823)	$   13,729,337	$   13,726,514
(1) Fixed maturity securities available for sale

The following is the accumulated balances of other comprehensive income as of December 31, 2018:

	Beginning Balance December 31, 2017	Change for the period		Ending Balance December 31,2018
Unrealized gains on equity securities, restricted assets and cemetery perpetual care trust investments	$        603,170	$       (603,170)	(1)	$                    -
Foreign currency translation adjustments	-	(2,823)		(2,823)
Other comprehensive income (loss)	$        603,170	$       (605,993)		$           (2,823)
(1) Cumulative effect adjustment upon adoption of new accounting standard (ASU 2016-01)