FASB Finalizes Delay for Insurance Changes

Thoughtware Alert Published: Nov 10, 2020
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Due to the effects of COVID-19, FASB issued Accounting Standards Update (ASU) 2020-11, allowing an additional year to implement ASU 2018-12, which makes targeted—but substantial—changes to financial reporting for companies that issue long-duration contracts such as life insurance and annuities. For those issuers that are on track to meet the original implementation deadlines, FASB provides additional transition relief. 

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