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THE FASB ISSUED NEW GUIDANCE, ACCOUNTING STANDARDS UPDATE 2018-12, FINANCIAL SERVICES-INSURANCE (TOPIC 944): TARGETED IMPROVEMENTS TO THE ACCOUNTING FOR LONG DURATION INSURANCE CONTRACTS (ASU 2018-12). THE ASU MAKES TARGETED CHANGES TO THE RECOGNITION AND MEASUREMENT MODELS FOR LONG DURATION CONTRACTS THAT INCLUDE THE UPDATING OF ASSUMPTIONS AND USE OF A LIABILITY-BASED DISCOUNT RATE FOR TRADITIONAL LIFE, AND LIMITED PAY INSURANCE CONTRACTS, SIMPLIFYING THE DAC AMORTIZATION MODELS FOR ALL LONG DURATION INSURANCE CONTRACTS, AND A FAIR VALUE MEASUREMENT FOR CERTAIN INSURANCE GUARANTEES WITH CAPITAL MARKET RISK. UNTIL ASU 2018-12 IS EFFECTIVE (WHICH IS AFTER DECEMBER 15, 2021 FOR SEC FILERS THAT ARE NOT SMALL REPORTING COMPANIES AND AFTER DECEMBER 15, 2023 FOR ALL OTHER COMPANIES), THE GUIDANCE IN THIS SECTION CONTINUES TO BE APPLICABLE AND REPRESENTS GUIDANCE THAT WILL BE SUPERCEDED ONCE THE ASU IS EFFECTIVE. SEE PWC GUIDE INSURANCE CONTRACTS (IG) WHICH ASSUMES THE ASU IS EFFECTIVE.
THE FASB ALSO ISSUED NEW GUIDANCE, ACCOUNTING STANDARD UPDATE 2016-13, FINANCIAL INSTRUMENTS – CREDIT LOSSES. THE GUIDANCE IN THIS ARM SECTION REMAINS APPLICABLE UNTIL AN ENTITY ADOPTS THIS NEW GUIDANCE.
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