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Audit & Assurance

August Audit & Assurance Newsletter

FASB changes accounting for long-duration insurance contracts

Financial reporting for insurance companies that issue long-duration contracts will change under an accounting standard that was recently issued by FASB.

The targeted changes to the current reporting model affect accounting for companies that sell long-duration products such as life insurance, disability income insurance, long-term-care insurance, and annuities. read more     – Journal of Accountancy

FASB proposes lessor accounting amendments

FASB recently issued a proposal that is designed to reduce costs and ease implementation of the new lease accounting standard for lessors. read more   – Journal of Accountancy

FASB attempts to make lease accounting implementation easier

FASB has issued targeted changes to its new lease accounting standard that are designed to make implementation easier and reduce costs for financial statement preparers. read more    – Journal of Accountancy

GASB proposes new rules for reporting conduit debt obligations

State and local government issuers would use a single method to report conduit debt obligations and related obligations under a recently published proposal by GASB. read more    – Journal of Accountancy

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