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.
- 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.