In 2018, after a long and arduous deliberation process, FASB issued Accounting Standards Update 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The amendments add extensive new disclosures and make targeted, but significant, changes to assumption updates, amortization of deferred acquisition costs, and accounting for market-risk benefits. This article provides details on the amendments, which apply to all insurance entities that issue long-duration contracts, both insurers and reinsurers.

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