Accounting for insurance contracts

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. 

Read more in our In depth, Detailing the new accounting for long-duration contracts of insurers.

The IASB issued its final comprehensive standard on insurance contracts in May 2017.

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Quick update on what is changing

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 In depth

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