March 25, 2016 — At its meeting this week, the FASB discussed its targeted improvements for accounting for long-duration insurance contracts and made tentative decisions about the transition methods for (1) the liability for future policy benefits, (2) market risk benefits, and (3) deferred acquisition costs (DAC). The Board also tentatively approved certain disclosures related to transition and voted to direct its staff to draft a proposed Accounting Standards Update (ASU) reflecting its tentative decisions in the project.
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