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|