Targeted Improvements to the Accounting for Long-Duration Contracts
FASB’s ASU 2018-12, Financial Services-Insurance (Topic 944): LDTI is considered to be one of the biggest changes to GAAP accounting for life insurers since the introduction of FAS 60 in the early 1980s. LDTI for contracts is a complex and data-intensive accounting change that will dramatically increase the amount of financial statement disclosure and change the trajectory and pattern of how profits are recognized on life insurance contracts. The principle-based nature of LDTI means there’s a lot to consider and even more to do to ensure requirements are implemented on time and within budget.
Our suite of LDTI implementation advisory services is tailored to meet your needs. From initial assessments, project management, accounting policy services, data validation, and analysis to actuarial support services including valuation, valuations conversion and configuration, process and control design, and data identification and validation, our experienced professionals are ready to help.
We know a one-size-fits-all approach won’t work with your cross-functional needs. That’s why we start by listening and then work with your organization to help ensure we’re methodically addressing your pain points and concerns, including:
- Help reduce risk to achieving milestone timelines
- Help lessen pressure on employees with both LDTI implementation and business-as-usual responsibilities
- Provide timely resolution of issues by engaged professionals
- Engagement of a professional services firm with LDTI implementation experience
Reach out to professional at FORVIS today and see how we can help.
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