“5 Things for Agents to Know About the Big New Accounting Thing,” by Allison Bell, ThinkAdvisor
“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.’ … 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. Here are five things for financial professionals to know about the proposed ASU 2018-12 delay.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Forewarned is forearmed.