Issues & Trends   |   December 2016
 

SEC staff observations address disclosures about short-duration insurance contracts

KPMG reports on SEC observations about short-duration contracts disclosures. How to present acquisitions, disposals and foreign currency fluctuations in the disclosures.

Applicability

ASU 2015-09

  • Insurance company registrants

Relevant dates

Mandatory effective dates and early adoption provisions:

Effective date:
 

Annual periods – Fiscal years beginning after

Interim periods – Fiscal years beginning after

Public business entities and certain not-for-profit entities

Dec. 15, 2015


Dec. 15, 2016

All other entities
 

Dec. 15, 2016
 

Dec. 15, 2017

Key impacts

  • SEC staff clarified their thinking on the presentation of acquistions, disposals and foreign currency information in the incurred and paid claims development tables to meet the objectives of the new FASB disclosure requirements
  • See the minutes at AICPA Insurance Expert Panel
Also Filed Under
  • Industry
  • Insurance
  • Reference Library

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