This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Journal entry — Long-duration insurance contracts — FASB approves drafting of a proposed ASU

Published on: Sep 06, 2016

At its meeting on August 31, the FASB concluded that (1) it had gained a sufficient understanding of the issues associated with the proposed amendments to the long-duration insurance contracts accounting and disclosure model to make an informed decision about those proposals and (2) the benefits of the proposed amendments will outweigh the related implementation costs. Accordingly, the Board directed its staff to draft a proposed Accounting Standards Update (ASU) for vote by written ballot.

Next Steps

The FASB will provide a 75-day comment period for the proposed ASU, which is expected to be released in late September or early October 2016. After the end of the comment period, the Board will hold a public roundtable, tentatively scheduled for March 2017.

Download

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.