
INSIGHTS FOR INSURANCE COMPANIES	FEBRUARY 25, 2016

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Eide Bailly is a Top 25 CPA firm in the nation, serving 360 insurance companies. Eide Bailly is consistently ranked among the Top 10 in the United States by A.M. Best for the Amount of Statutory Premiums Audited.

Insurance Insights is published quarterly to keep our clients and business friends informed on current news.

FASB Issues Accounting Standards Update (ASU) 2016-02, Leases

After several years of work, including collaboration with the International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-02, Leases. The issuance and resulting application of this guidance will result in major changes in the financial reporting for leasing arrangements, particularly for lessees, as significantly more leasing arrangements will be reported on the balances sheets of lessees. Statutory accounting guidance regarding leases has not changed, but this new ASU will increase differences between generally accepted accounting principles and statutory accounting principles.

To read the full summary, click here.

Questions? Please contact Joe Pope.

Joe Pope

Partner

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jpope@eidebailly.com

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