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
- 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
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