Heads Up: Implementation Issues Related to FASB’s Guidance on Deferred Acquisition Costs
Volume 18, Issue 10
The attached issue of Heads Up addresses implementation issues that have arisen regarding implementation of FASB Accounting Standards Update No. 2010-26, Accounting for Costs Associated With Originating or Renewing Service Contracts. The ASU amends the guidance for insurance entities that apply the industry-specific guidance in ASC 944-30, which requires deferral and subsequent amortization of certain costs incurred during the acquisition of new or renewal insurance contracts. These costs are commonly referred to as deferred acquisition costs (DAC).
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