AICPA’s Financial Reporting Executive Committee Seeks Feedback on Insurance Entities Working Drafts: Targeted Improvements to Long-Duration Contracts
News
AICPA logo
Cart
searchSearch
search
burger
AICPA logo
  • Home
purple bluetooth speaker on gray surface
News

AICPA’s Financial Reporting Executive Committee Seeks Feedback on Insurance Entities Working Drafts: Targeted Improvements to Long-Duration Contracts

1 year ago · 1 min read

NEW YORK, NY (January 21, 2020) - The American Institute of CPA’s (AICPA) Financial Reporting Executive Committee (FinREC) has issued several working drafts of accounting issues for Insurance Entities, related to the implementation of FASB Accounting Standards Update (ASU) No. 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, and is requesting feedback.

The new FASB accounting standard on Long-Duration Contracts makes targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance company. FinREC and the AICPA Insurance Expert Panel will continue to develop working drafts on accounting implementation issues that have been identified for the new standard.

The working drafts for implementation of ASU 2018-12 are available at:

Final issues for the project will be included in the Audit and Accounting Guide: Life and Health Insurance Entities.

The AICPA is seeking feedback from preparers of financial statements, practitioners, and other interested parties. Please submit informal feedback to Kim.Kushmerick@aicpa-cima.com by April 10, 2020.


Media Contact:
Jackie Hyland
919-490-4387
Jackie.Hyland@aicpa-cima.com

What did you think of this?

Every bit of feedback you provide will help us improve your experience

What did you think of this?

Every bit of feedback you provide will help us improve your experience

Mentioned in this article

Topics

Subtopics

Insurance
Manage preferences

Related content