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FASB proposes amendments to accounting for long-duration insurance contracts

On July 14, the FASB issued an exposure draft of a proposal that would allow an insurance entity to make an accounting policy election to exclude certain contracts or legal entities from applying the ASU 2018-12 Long-Duration Targeted Improvement (LDTI) transition guidance when (1) they have been derecognized because of a sale or disposal before the LDTI effective date and (2) the insurance entity has no continuing involvement with the derecognized contracts. Comments on the proposal are due by August 8, 2022.

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