At its June 6, 2018, meeting, the FASB concluded its redeliberations on its proposed Accounting Standards Update (ASU)1 that would make targeted improvements to the accounting and disclosure model for certain long-duration insurance contracts and voted to proceed with finalizing the new standard. This action reflects the culmination of a project that has spanned almost a decade. The FASB expects to issue a final ASU later this summer (the staff’s estimate of late August is subject to change). Note that the ASU will not change the scope of ASC 944;2 therefore, the amendments will apply to the insurance entities designated in that guidance.
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