In September 2016, the FASB issued an exposure draft that proposed revisions to key elements of the measurement models for insurers for certain long-duration contracts. See PwC In depth US 2016-09, Overview of the FASB’s proposal for long-duration contracts of insurers, dated October 17, 2016 for a detailed description of the proposed requirements.The FASB project deliberations are expected to continue throughout 2017. Below are our summaries of the FASB's meetings from the inception of the targeted improvements project in February 2014 through the present.
The IASB issued its final comprehensive standard on insurance contracts, IFRS 17 Insurance Contracts, in May 2017. See PwC In depth No. INT 2017-04, IFRS 17 marks a new epoch for insurance contract accounting.
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