New Guidance for Long-Duration Insurance Contracts

Thoughtware Article Published: Oct 12, 2018 | Updated: Jul 20, 2021
Advisor going over accounting work

BKD has prepared a comprehensive look at the targeted, but significant, changes to accounting for long-duration insurance contracts. According to FASB, the changes will affect companies that issue contracts such as long-term care, annuities, and disability. In November 2020, due to the effects of COVID-19, FASB provided an additional year to implement Accounting Standards Update 2018-12. Read on for more details.  

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