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Read about the FASB’s decision
Check out our guide for insurance and reinsurance entities
Insurers are likely to face major changes as they implement FASB’s new standard on long-duration insurance contracts issued in August 2018. The new standard, ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, is effective for calendar year-end public business entities (PBEs) on January 1, 2021; all other entities have an additional year. Early adoption is permitted.
The IASB issued its final comprehensive standard on insurance contracts in May 2017.
For long-duration contracts (principally life and annuity contracts), major changes are imminent due to the release of FASB's final standard, ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts.Read more in our Insurance contracts guide
US Insurance Practice Leader, PwC US
Insurance Assurance Leader, PwC US
Richard de Haan
Global Actuarial Leader, PwC US
Insurance Advisory Leader, PwC US
Insurance Tax Leader, PwC US
Managing Director, National Professional Service Group, PwC US