The FASB has issued a proposal to address transition for insurance entities in applying ASU 2018-12. The proposal addresses the requirements to apply the new standard to contracts that have been sold. This is a very niche standard, so comments are due August 8th.

Proposed Accounting Standards Update—Financial Services—Insurance (Topic 944): Transition for Sold Contracts (

Do you agree with the proposed transition guidance?

SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa is a speaker on audit topics at SCACPA’s annual Spring Splash and Fall Fest conferences. She also takes part in many SCACPA seminars and rebroadcasts.

With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.