FASB recently proposed to delay the effective date of the board's new standard on long-duration insurance contracts by one year in an effort to provide relief to insurance companies affected by the coronavirus pandemic.
The proposal would also make early adoption easier and more cost-effective for insurers that may not need the extra time.
Under the proposal, the effective date for SEC filers, excluding smaller reporting companies as defined by the SEC, would be for fiscal years beginning after Dec. 15, 2022, and interim periods within those fiscal years. Learn more.