Tentative Board Decisions
Tentative Board decisions are provided for those interested in following the Board’s deliberations. All of the reported decisions are tentative and may be changed at future Board meetings.Wednesday, September 30, 2020 FASB Board Meeting
Insurance—deferral of the effective date and amendments to early application in Update 2018-12. The Board discussed comment letter feedback received on its proposed Accounting Standards Update, Financial Services—Insurance (Topic 944): Effective Date and Early Application, and made the following two decisions.
- To affirm its decision to defer the effective date of the amendments in Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, for all insurance entities by one year.
- To amend the proposed early application provisions of Update 2018-12 whereby the early application transition date would be either the beginning of the prior period or the earliest period presented.
The Board directed the staff to draft an Accounting Standards Update for vote by written ballot.