KPMG examines ASU 2018-12, which changes how insurance entities recognize, measure, present and disclose long-duration contacts. Using Q&As, KPMG explains the key requirements in detail.
Effective date: | Public business entities | All other entities |
Annual periods – Fiscal years beginning after |
December 15, 2020 | December 15, 2021 |
Interim periods – In fiscal years beginning after | December 15, 2020 | December 15, 2022 |
Early adoption allowed? | Yes | Yes |
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