This chapter discusses the effective date and transition guidance for Accounting Standards Update 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12).
Overall, there may be a significant impact to reported earnings and increased earnings volatility. Additionally, the implementation effort will require significant changes to systems, processes, and controls, and likely require the accumulation of data that has not previously been captured and included in actuarial models in the format and grouping needed for measurement.
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