ASU 2020-11 — Financial Services—Insurance (Topic 944): Effective Date and Early Application

The Board is issuing this Update to provide implementation relief to insurance entities adopting Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The amendments in this Update:

1. Defer the required effective date of Update 2018-12 by one year for all insurance entities.

2. Provide transition relief for entities that elect early application by amending the transition date to be the beginning of the prior period presented or the beginning of the earliest period presented.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2020-400—Financial Services—Insurance (Topic 944): Effective Date and Early Application, which has been deleted.

Issued: November 5, 2020