Key impacts
Effective for 2021 reporting:
- SSAP No. 32R clarifies the preferred stock definitions, revises the measurement guidance and clarifies the impairment guidance for preferred stock.
- SSAP No. 25 clarifies the types of entities and individuals considered related parties. The revisions also include a new Schedule Y disclosure recommended by the Group Solvency Issues Working Group.
- SSAP No. 103R adds disclosures about transfers of financial assets accounted for as a sale when the transferor maintains continuing involvement in the transferred financial assets.
- INT 20-01 adopts ASU 2021-01 that allows an optional transitional expedient to continue existing hedging relationships in certain circumstances. This guidance will expire December 31, 2022.
- INT 21-01 clarifies that cryptocurrencies are nonadmitted assets.