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Favorited Content
Amendments to Subtopic 944-40
Publication date: 15 Nov 2019
us FASB ASU 2019-09
2. Amend paragraph 944-40-65-2(a) through (b) and its related heading and amend pending content transition date for all paragraphs that link to paragraph 944-40-65-2 as follows:
Financial Services—Insurance
Claim Costs and Liabilities for Future Policy Benefits
Transition and Open Effective Date Information
> Transition Related to Accounting Standards
Update
Updates No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, and No. 2019-09, Financial Services—Insurance (Topic 944): Effective Date 944-40-65-2 The following represents the transition and effective date information related to Accounting Standards
Update
Updates No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, and No. 2019-09, Financial Services—Insurance (Topic 944): Effective Date: -
For public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, the pending content that links to this paragraph shall be effective for fiscal years beginning after December 15, 20212020, and interim periods within those fiscal years. The one-time determination of whether an entity is eligible to be a smaller reporting company shall be based on an entity’s most recent determination as of November 15, 2019, in accordance with SEC regulations. Early application is permitted.
-
For all other entities, the pending content that links to this paragraph shall be effective for fiscal years beginning after December 15, 20232021, and interim periods within fiscal years beginning after December 15, 20242022. Early application is permitted.
Pending Content:
Transition Date: (P) December 16, 2021
│Transition Guidance: 944-40-65-2
2020
; (N) December 16, 20232021
│Transition Guidance: 944-40-65-2
Note: These transition date changes will be made in a Maintenance Update.
Copyright #year# by Financial Accounting Foundation, Norwalk, Connecticut.
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