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
||January 01, 2022||January 01, 2024|
|Interim periods – In fiscal years beginning after||January 01, 2022||January 01, 2024|
|Early adoption allowed?||Yes||Yes|
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