United States

FASB Begins to Address Long-Duration Insurance Contracts

Aug 29, 2014
From the Financial Reporting View

This edition of Issues & Trends In Insurance reports that the FASB began discussions about targeted improvements to U.S. GAAP for long-duration insurance contracts. Decisions reached include the requirements to update assumptions annually in the fourth quarter. Additionally, the Board discussed the appropriate discount rate to use in accounting for these contracts, but did not reach a final decision.

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