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FASB issues insurance accounting standard

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

Aug 15, 2018

On August 15, 2018, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that improves financial reporting for insurance companies that issue long-duration contracts, such as life insurance, disability income, long-term care, and annuities.

The new standard requires updated assumptions for liability measurement. The assumptions used to measure the liability for traditional insurance contracts, which are usually determined at contract inception, will now be reviewed—and, if there is a change, updated—at least annually, with the effect recorded in net income.

Review the press release and the ASU on the FASB's website.

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