Back in 2014, the FASB decided to not proceed with IFRS17 but rather define a separate standard as an improvement to the existing US-GAAP. This improvement was named LDTI – Targeted Improvements to the Accounting for Long-Duration Contracts.
It is considered to be one of the biggest changes in the US accounting world in the past couple of decades. The most important impact is the deferral of acquisition costs, current measurements of liabilities, and the number of disclosures a company will need to provide.
The effective date for SEC filers, excluding smaller reporting companies, is set to 2023, while other entities have two additional years.