US GAAP Long Duration Targeted Improvements: Early Discoveries & Lessons Learned
Jan 23, 2019
We provide a detailed summary of our recent webcast discussing the expected and unexpected complexities of ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts standard.
Overview
On August 15, 2018, the FASB issued Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("LDTI"). Since then, many companies and industry stakeholders have been analyzing the standard and conducting impact assessments to prepare for this significant change.
Since July 2018, PwC has advised most of the early movers on their approach to implementation and has developed relationships with several technology vendors on developing LDTI solutions and tools. We have learned much about the expected and unexpected complexities of this standard, and in our December 10, 2018 webcast, we discussed the early discoveries and lessons learned to date. Matt Adams, PwC’s US Insurance Practice Leader, hosted the webcast, which focused on five key areas:
- strategic implications,
- technical accounting issues,
- technology implications,
- data challenges, and
- execution lessons learned so far.
Download our detailed summary of webcast topics and technical content.
To have a deeper discussion, contact:
Josh Schwartz
Principal, Data and Technology, PwC US
Tom Barbieri
Deputy Chief Accountant, National Professional Services Group, PwC US
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