Most public companies have already switched to the new revenue recognition standards and have moved on to the implementation of new lease accounting rules. Private companies, which were given a year longer to prepare, are close on their heels. Financial institutions are working out the kinks in complying with new rules on current expected credit losses (CECL). And now insurance companies have received their marching orders from the FASB and the IASB.
This article takes a look at the latest guidance on long-duration insurance contracts and what insurers should be doing now to ensure a smooth and efficient transition.