{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/210/944/#55-implementation-guidance-and-illustrations","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"210","topic_title":"Balance Sheet","subtopic":"210-944","subtopic_title":"Financial Services—Insurance","section":{"number":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":null,"heading":"Implementation Guidance","paragraphs":[{"citation":"210-944-55-1","para":"55-1","html":"Amounts payable to a policyholder and amounts recoverable from a reinsurer do not meet the criteria for offsetting in Section 210-20-45 because paragraph 210-20-45-1(b) requires that the reporting party have the legal right to set off the amount owed to one party with an amount receivable from that same party. Several balances may arise between the ceding and assuming entities in a reinsurance contract, including funds withheld on ceded premiums, commissions, unsettled claims, and funds advanced by the assuming entity. Those items may qualify for offsetting under the conditions established by Subtopic 210-20.