Targeted improvements to the accounting for long-duration contracts Bookmark has been added
Targeted improvements to the accounting for long-duration contracts
The 1-2-3s of the implementation journey
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-12, often referred to as targeted improvements for long-duration contracts. But ASU 2018-12 introduces new reporting complexities and will require more integration of finance and actuarial teams across processes and systems. Meeting the standard will be a challenging multiyear effort, but as with any major change, the ASU presents opportunities to achieve business goals and improvements.