FASB Roundtable on Insurance Accounting Coming in March
A public roundtable meeting on proposed amendments to insurance accounting is scheduled for Wednesday, March 15, 2017, at the Financial Accounting Standards Board (“FASB”) offices in Norwalk, CT. The meeting will allow those who submitted a comment letter regarding the Proposed Accounting Standards Update, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts , to voice their opinions with the standard-setter. The FASB hopes financial statement users, preparers and auditors participate in the roundtable. Interested participants are required to submit a comment letter on the proposal and register online before Thursday, December 15. Nonparticipating attendees can also register , but must do so by Wednesday, March 1, 2017. An audio webcast of the FASB’s March 17 roundtable meeting will also be. Read More.
FASB Discusses Accounting for Long-Duration Contracts
At its February 24th Board meeting, the Financial Accounting Standards Board (“FASB”) reviewed its project on targeted improvements to the accounting for long-duration contracts. During discussions regarding the presentation of market risk benefits, the FASB decided that the carrying amount should be reported on a separate line in an entity’s financial statement. The accounting board also agreed that the change in fair value, with the exception of the portion concerning changes in an entity’s own credit risk, should be a separate line item in the statement of operations. More on the decisions from the FASB’s February 24th meeting can be found on the FASB Web site.