The Financial Accounting Standards Board recently issued Accounting Standards Update (ASU) 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. This ASU makes targeted—but substantial—changes to financial reporting for companies that issue long-duration contracts such as life insurance and annuities. These amendments will significantly change current practice, and insurers will need to change how they monitor and gather data.

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