The Financial Accounting Standards Board has issued a proposed accounting standards update for improving the financial reporting for long-term insurance, contracts, including life insurance, disability income, long-term care and annuities. The exposure draft for the new standard includes proposals for improving the timeliness of recognizing changes in the liability for future policy benefits by requiring… Read More

The chairman of the Federal Accounting Standards Advisory Board (FASAB), Scott Showalter, announced today that FASAB has issued Statement of Federal Financial Accounting Standards (SFFAS) 48, Opening Balances for Inventory, Operating Materials and Supplies, and Stockpile Materials. “The Board is committed to providing the Department of Defense (DoD) with a cost-effective means to adopt generally… Read More