FIS Modern Banking Platform
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Scot Glasford | senior solutions manager, Solutions Management and Strategy, Insurance, FIS
June 25, 2020
On June 10, 2020, the Financial Accounting Standards Board (FASB) voted to push back the effective date of the Long Duration Targeted Improvements (LDTI) to U.S. GAAP. The new deadline now awaits industry approval, but is expected to delay the introduction of LDTI to 2023 for public companies and 2025 for private companies.
That essentially gives U.S. insurers an extra year to complete their implementation – and significant opportunities to shift their LDTI priorities.
With 12 more months potentially to play with, it’s well worth considering as soon as possible how to make best use of the extended timeline and add value to compliance.
At FIS, we recommend concentrating on four key areas:
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