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Pursuant to a philosophy developed by the Board for establishing effective dates for major Updates, the Board decided that, generally, a major Update will first be effective for public business entities (per the Master Glossary) that are Securities and Exchange Commission (SEC) filers (per the Master Glossary), excluding entities eligible to be smaller reporting companies (SRCs) under the U.S. Securities and Exchange Commission’s definition. For all other entities, including entities eligible to be SRCs, it is anticipated that the Board will consider requiring an effective date staggered at least two years after the effective date for public business entities that are SEC filers, excluding entities eligible to be SRCs. Generally, it is expected that early application would continue to be permitted for all entities. The Board applied this philosophy to the effective date for Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (Insurance).
The Board decided to change the effective date for Insurance for public business entities that are SEC filers, excluding entities eligible to be SRCs, to be applied for fiscal years beginning after December 15, 2021, including interim periods within those years. The Board also decided to change the effective date for all other entities for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years beginning after December 14, 2024. Early application continues to be allowed for all entities.
This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2019-760—Financial Services—Insurance (Topic 944): Effective Date, which has been deleted.
Accounting Standards Update 2019-09
Issued: November 15, 2019
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