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Deloitte comments on FASB proposal to defer effective date for standard on long-duration insurance contracts

Published on: Sep 27, 2019

Deloitte & Touche LLP has commented on the FASB's proposed ASU Financial Services — Insurance (Topic 944): Effective Dates.

An excerpt from the comment letter is shown below:

We support the Board’s proposal to defer the effective date of the amendments in ASU 2018-12. We believe that a deferral will give preparers the time they need to appropriately transition to the new standard, develop accounting policies, design internal controls, and implement any new required systems or processes.

For more information, see the full text of the comment letter which is available below.

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