The effective date for one of FASB’s longest projects is around the corner for smaller reporting companies and nonpublic insurance companies. Accounting Standards Update 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, makes targeted—but significant—changes to assumption updates, amortization of deferred acquisition costs, and accounting for market-risk benefits, and adds extensive new disclosures. Download the article below for details on the amendments, which will significantly change current practice, and insurers will need to change how they monitor and gather data.
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