FASB ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts, makes targeted improvements to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts.
Kim Kushmerick of the AICPA provides an overview, status updates and implementation issues. The AICPA Financial Reporting Executive Committee and Insurance Expert Panel are developing working drafts of ASU 2018-12 implementation issues.
Kim is an associate director in the AICPA’s accounting standards team. She has over 20 years of experience in accounting and auditing. In her role at the AICPA, Kim is responsible for managing the AICPA Insurance Expert Panel and NAIC Task Force, and also liaising with the FASB, NAIC and SEC Staff on insurance issues.
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