FASB issued a staff draft of an Accounting Standards Update on August 19, 2010 that called for significant changes in the way that insurance companies account for deferred acquisition costs (DAC). Under current practice, insurance companies often capitalize costs involved in obtaining new business over the life of the insurance contract. If issued, the new standards proposed by FASB would significantly limit the costs that can be capitalized under DAC. These standards, if passed, would apply to fiscal years and interim periods beginning after December 15, 2011 (FASB Staff Draft).