Extra Time Proposed for Insurance Changes

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FASB issued guidance last year that makes targeted—but substantial—changes to financial reporting for companies that issue long-duration contracts such as life insurance and annuities. FASB recently acknowledged the magnified challenges and costs for smaller entities when transitioning to new guidance and is now proposing a two-bucket approach to stagger effective dates at least two additional years to implement certain accounting updates. Read on for more information on the proposal.

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