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Accounting for insurance contracts
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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.
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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 Insurance contracts guide- {{filterContent.dataService.numberHits}} {{filterContent.dataService.numberHits == 1 ? 'result' : 'results'}}
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