The 2013 exposure draft (ED) is the latest stage in a five-year joint project between the U.S.-based Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). The FASB ED is intended to replace the current U.S. GAAP guidance for the insurance industry. The proposed changes are significant and far-reaching, and they may be implemented for insurance contract accounting by 2018. This paper summarizes the main areas of the ED and considers what these changes mean for insurance liability measurements.