The FASB has voted to propose a deferral of the effective date of the new targeted improvements to the accounting for long-duration contracts standard. The proposed deferral is expected to result in a one year deferral for larger SEC filers and a two or three year deferral for all other entities. The comment period is expected to be 30 days.
The views in this In brief are based on our observations from the July 17 meeting and might differ in some respects from the official minutes of the meeting to be published by the FASB at a later date.
US Insurance Practice Leader, PwC US
Tel: +1 (646) 471 8688
Richard de Haan
Global Actuarial Leader, PwC US
Managing Director, National Professional Service Group, PwC US