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Relief Proposed for Upcoming Insurance Accounting Changes

A FASB proposal would provide optional transition relief as the implementation date for the overhaul of long-duration insurance accounting nears for large SEC registrants.
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The implementation date for the overhaul of long-duration insurance accounting is quickly approaching for large SEC registrants. Accounting Standards Update 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), adds extensive new disclosures and makes targeted, but significant, changes to assumption updates, amortization of deferred acquisition costs, and accounting for market-risk benefits. 

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