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Handbook: Long-duration contracts

Handbooks | February 2025

Latest edition: Our updated guide for long-duration contracts, with Q&As, interpretive guidance and examples.

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In-depth guidance on, and interpretations of, ASU 2018-12. This latest edition includes new and updated interpretations and examples based on our experience with companies implementing ASU 2018-12.

Applicability

  • Insurance entities that issue long-duration contracts
  • Not applicable to policyholders of long-duration contracts or non-insurance entities

Relevant dates

Effective dateSEC filers, except smaller reporting companiesAll other entities

Annual periods 鈥� Fiscal years beginning after聽聽聽聽聽聽聽

December 15, 2022

December 15, 2024

Interim periods 鈥� In fiscal years beginning after聽

December 15, 2022

December 15, 2025

Early adoption allowed?

Yes. If early adoption is elected, the transition date is either the beginning of the prior period presented or the beginning of the earliest period presented.

Key impacts

  • Q&As that answer common questions we are encountering in practice
  • Examples to explain key concepts
  • Changes from legacy US GAAP

Report contents

  • Liability for future policy benefits
  • Market risk benefits
  • Deferred acquisition costs
  • Other accounting items
  • Enhanced disclosure requirements
  • Effective dates and transition

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Long-duration contracts

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Executive summary

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Handbook: Derivatives and hedging

Latest edition: Our in-depth guide on derivatives and hedge accounting, with our latest interpretations.

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Handbooks

乐鱼（Leyu）体育官网 handbooks that include discussion and analysis of significant issues for professionals in financial reporting.

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Reference Library

In-depth analysis, examples and insights to give you an advantage in understanding the requirements and implications of financial reporting issues.

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Meet our team

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Jennifer Austin
Partner, Dept. of Professional Practice, 乐鱼（Leyu）体育官网 US
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Darcie Garza
Managing Director, Dept. of Professional Practice, 乐鱼（Leyu）体育官网 US
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Image of Jennifer Austin
Jennifer Austin
Partner, Dept. of Professional Practice, 乐鱼（Leyu）体育官网 US
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Image of Darcie Garza
Darcie Garza
Managing Director, Dept. of Professional Practice, 乐鱼（Leyu）体育官网 US
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Accounting Research Online

Access our accounting research website for additional resources for your financial reporting needs.

乐鱼（Leyu）体育官网. Make the Difference.


Some or all of the services described herein may not be permissible for 乐鱼（Leyu）体育官网 audit clients and their affiliates or related entities.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. 乐鱼（Leyu）体育官网 LLP does not provide legal services.

The information contained herein is not intended to be 鈥渨ritten advice concerning one or more Federal tax matters鈥� subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

漏聽2025 乐鱼（Leyu）体育官网 LLP, a Delaware limited liability partnership and a member firm of the 乐鱼（Leyu）体育官网 global organization of independent member firms affiliated with 乐鱼（Leyu）体育官网 International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the 乐鱼（Leyu）体育官网 global organization please visit聽.

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