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2022

FASB Provides Implementation Relief Related to ASU 2018-12’s Transition Guidance for Derecognized Contracts (December 16, 2022)

Heads Up | Volume 29, Issue 17
December 16, 2022
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FASB Provides Implementation Relief Related to ASU 2018-12’s Transition Guidance for Derecognized Contracts

Footnotes

1
FASB Accounting Standards Update (ASU) No. 2022-05, Financial Services — Insurance (Topic 944): Transition for Sold Contracts.
2
FASB Accounting Standards Update No. 2018-12, Financial Services — Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”).
3
FASB Accounting Standards Update No. 2019-09, Financial Services — Insurance (Topic 944): Effective Date [of LDTI].
4
FASB Accounting Standards Update No. 2020-11, Financial Services — Insurance (Topic 944): Effective Date and Early Application [of LDTI].
5
For titles of FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the FASB Accounting Standards Codification.”
6
Paragraph BC15 of ASU 2022-05.
7
Paragraph BC13 of ASU 2022-05.