New Accounting Standard on Long Term Insurance Contracts
John WickeCPA, PMP, CPCU, CGMA| RetiredOcean, Nj, United States
The FASB’s recent issuance of its standard for long term insurance contracts (ASU 2018-12) will undoubtedly present several challenges from an actuarial and financial reporting perspective. To meet these challenges, project managers may likely be asked to oversee material modifications to internal systems and related business processes. While the implementation date for public entities is more than two years away (January 2021), the requirements of this standard will necessitate much earlier consideration and involvement of those project managers to help meet all the aspects of the standard. Saving Changes...
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