KPMG reports on ASU 2018-12, which changes how insurance entities recognize, measure, present and disclose long-duration contacts. Insurance entities should begin analyzing the implications of the standard throughout their organization.
Mandatory effective dates and early adoption provisions:
Effective date:
Annual periods – Fiscal years beginning after
Interim periods – In fiscal years beginning after
Public business entities
December 15, 2020
December 15, 2020
All other entities
December 15, 2022
December 15, 2022
Early adoption allowed? Yes.
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