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2016

September 6, 2016 — Long-Duration Insurance Contracts — FASB Approves Drafting of a Proposed ASU

Long-Duration Insurance Contracts — FASB Approves Drafting of a Proposed ASU

Accounting Journal Entry
September 6, 2016
At its meeting on August 31, the FASB concluded that (1) it had gained a sufficient understanding of the issues associated with the proposed amendments to the long-duration insurance contracts accounting and disclosure model to make an informed decision about those proposals and (2) the benefits of the proposed amendments will outweigh the related implementation costs. Accordingly, the Board directed its staff to draft a proposed Accounting Standards Update (ASU) for vote by written ballot.