The FASB has directed its staff to proceed to a final standard for written ballot. The FASB decided on the effective date and revised the discount rate used at transition when applying the modified retrospective transition method for traditional and limited-payment insurance contracts.
The FASB:
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, 2021
December 15, 2022
Early adoption allowed? Yes
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