Long-duration Insurance contracts under US GAAP 2021 KPMG Handbook

In-depth guidance on, and interpretations of, ASU 2018-12. This latest edition includes new and updated interpretations and examples based on our experience with companies implementing ASU 2018-12.

Applicability

  • Insurance entities that issue long-duration contracts
  • Not applicable to policyholders of long-duration contracts or non-insurance entities

Relevant dates

Effective immediately

Key impacts

ASU 2018-12 impacts the following areas:

  • Q&As that answer common questions we are encountering in practice
  • Examples to explain key concepts
  • Changes from legacy US GAAP

Report contents

  • Liability for future policy benefits
  • Market risk benefits
  • Deferred acquisition costs
  • Other accounting items
  • Enhanced disclosure requirements
  • Effective dates and transition

Download fromĀ KPMG Financial Reporting View

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