In-depth guidance on, and interpretations of, ASU 2018-12. This latest edition includes new and updated interpretations and examples based on our experience with companies implementing ASU 2018-12.
Applicability
- Insurance entities that issue long-duration contracts
- Not applicable to policyholders of long-duration contracts or non-insurance entities
Relevant dates
| Effective date | SEC filers, except smaller reporting companies | All other entities |
|---|---|---|
Annual periods – Fiscal years beginning after |
December 15, 2022 |
December 15, 2024 |
Interim periods – In fiscal years beginning after |
December 15, 2022 |
December 15, 2025 |
Early adoption allowed? |
Yes. If early adoption is elected, the transition date is either the beginning of the prior period presented or the beginning of the earliest period presented. |
|
Key impacts
- Q&As that answer common questions we are encountering in practice
- Examples to explain key concepts
- Changes from legacy US GAAP
Report contents
- Liability for future policy benefits
- Market risk benefits
- Deferred acquisition costs
- Other accounting items
- Enhanced disclosure requirements
- Effective dates and transition
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