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FASB Issues Updated Insurance Standard

December 15, 2022 The Financial Accounting Standards Board recently issued an Accounting Standards Update that amends transition guidance in ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), for contracts that have been derecognized because of a sale or disposal of individual or a group of contracts or legal entities before the LDTI effective date.

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