Aflac, Other Insurers May Win Delay of Major Accounting Overhaul

Insurance companies like Prudential and Aflac may get some breathing room before having to adopt major accounting changes they say are likely to result in quarter-to-quarter earnings swings.

The Financial Accounting Standards Board plans to vote July 17 whether to delay until 2022 the deadline for insurance companies to comply with the new rules, FASB Chairman Russell Golden said.

The vote to extend the current 2021 effective date comes after FASB reached out to insurers to determine if they needed more time.

“We went out and met with a number of insurance companies that write this type of business ...