Month: August 2018

Go to Source Author: Our NAIC Bulletin contains the highlights of the Summer 2018 meeting of the National Association of Insurance...

Go to Source Author: The SEC adopted a final rule that eliminates or amends disclosure requirements that have become redundant or outdated. The SEC also referred certain of its disclosure items to the FASB for potential incorporation into US GAAP. The amendments are intended to simplify compliance without substantially changing the information provided to investors. The changes are effective 30 days after the final rule is published in the Federal...

Go to Source Author: The FASB issued final guidance that changes the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. The guidance eliminates requirements for certain disclosures that are no longer considered cost beneficial and requires new ones that the FASB considers pertinent. The guidance is effective for fiscal years ending after 15 December 2020 for public business entities and fiscal years ending after 15 December 2021 for all other entities. Early adoption is...

Go to Source Author: The FASB proposed allowing lessors to make an accounting policy election to not evaluate whether sales taxes and other similar taxes imposed by a third party on a lease revenue-producing activity are the primary obligation of the lessor as owner of the underlying leased asset. The proposal would require lessors to exclude certain lessor costs paid directly by lessees to third parties on the lessor’s behalf from variable payments if the amount paid is not readily determinable by the lessor. The proposal would also clarify that lessors are required to allocate (rather than recognize) certain variable payments to lease and non-lease components of a contract when the changes in facts and circumstances on which the variable payment is based occur. Comments are due by 12 September...

Go to Source Author: The FASB issued final guidance that will significantly change how insurers account for long-duration contracts, including how they measure, recognize and make disclosures about insurance liabilities and deferred acquisition costs. The guidance is effective for public business entities for fiscal years beginning after 15 December 2020 and a year later for all other...