Accounting Standard Updates

12 Days of SSAP: Leases – SSAP No. 22

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Hot Take:

Hot Take

As the holidays approach, JLK Rosenberger is taking a new perspective on a holiday classic – the Twelve Days of Christmas. Rather than filling your head with turtle doves and gold rings, we are focusing on the latest changes to SSAP and how they will impact your insurance company in 2020 and beyond.

This article covers the latest on SSAP No. 22 Leases.

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Leases – SSAP No. 22 and ASU 2016-02

The big news on leases is the FASB postponement of ASU 2016-02 for non-SEC filers.

For statutory accounting purposes, leases will follow the original treatment to account for all leases as operating leases.

Effective dates:

  • SSAP No. 22 is effective January 1, 2020
  • ASU 2016-02 is now effective January 1, 2021
  • We expect to see SAPWG guidance to coordinate the SSAP 22 implementation date with the revised ASU timing

You can find more details about SSAP No. 22 and other items discussed in our SSAP Chat Summer NAIC SAPWG Meeting article here.