5 Things for Agents to Know About the Big New Accounting Thing
August 27, 2019 by Allison Bell
The Financial Accounting Standards Board (FASB) says it wants to postpone the compliance deadlines for a major new batch of accounting rules.
The move could affect financial reports for life insurance policies, annuities, long-term disability insurance policies, long-term care insurance policies, and many other “long-duration insurance contracts.”
The announcement of the shift, which came out Wednesday, may have led many financial professionals to squint at their screens, briefly, and then click on the link to the weekend weather report.
But, over the next few years, what happens to FASB Accounting Standards Update 2018-12 could have effects on life insurance agents and brokers that will last a lot longer than the effects of this weekend’s weather.