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FASB discusses long-duration insurance contracts at February 24 meeting

  • FASB meeting Image

Feb 26, 2016

At its February 24, 2016, meeting, the FASB discussed presentation and disclosure requirements for its project on targeted improvements to the accounting for long-duration insurance contracts.

The FASB tentatively decided to require insurers to separately present (1) the carrying amount of the liability for market risk benefits in the statement of financial position and (2) changes in the fair value of that liability (excluding changes in an entity’s own credit) in the statement of operations. In a series of unanimous votes, the FASB also tentatively approved proposed disclosure requirements related to (1) liabilities for future policy benefits, (2) policyholder account balances, (3) market risk benefits and separate account liabilities, and (4) deferred acquisition costs.

For more in­for­ma­tion, see Deloitte’s related journal entry as well as the meeting minutes on the FASB’s Web site.

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