Tentative Board Decisions
Tentative Board decisions are provided for those interested in following
the Board’s deliberations. All of the reported decisions are tentative and may
be changed at future Board meetings.
Wednesday, September 30,
2020 FASB Board Meeting
Insurance—deferral
of the effective date and amendments to early application in Update 2018-12.
The Board discussed comment letter feedback received on its proposed Accounting
Standards Update, Financial
Services—Insurance (Topic 944): Effective Date and Early
Application, and made the following two decisions.
- To affirm its decision to defer the effective date of the amendments in
Accounting Standards Update No. 2018-12, Financial Services—Insurance
(Topic 944): Targeted Improvements to the Accounting for Long-Duration
Contracts, for all insurance entities by one year.
- To amend the proposed early application provisions of Update 2018-12
whereby the early application transition date would be either the beginning of
the prior period or the earliest period presented.
Next
Steps
The Board directed the staff to draft an Accounting Standards
Update for vote by written ballot.