ASC

ASC 220-944

Financial Services—Insurance

220 Income Statement—Reporting Comprehensive Income

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220-944-S00StatusSEC

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220-944-00-1
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
944-220-S45-1 Added Maintenance Update 2017-19 (PDF) 11/15/2017
944-220-S50-1 through S50-5
 Added Maintenance Update 2017-19 (PDF) 11/15/2017
944-220-S99-1 Amended Accounting Standards Update No. 2019-07 07/26/2019
944-220-S99-1 Added Maintenance Update 2017-19 (PDF) 11/15/2017

220-944-S45Other Presentation MattersSEC

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Presentation and Classification

220-944-S45-1
See paragraph 944-220-S99-1, Regulation S-X Rule 7-04, for the required income statement presentation for insurance entities.

220-944-S50DisclosureSEC

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Investment Income

220-944-S50-1
See paragraph 944-220-S99-1, Regulation S-X Rule 7-04.2, for required disclosures pertaining to investment income.

Realized Investment Gains and Losses

220-944-S50-2
See paragraph 944-220-S99-1, Regulation S-X Rule 7-04.3, for required disclosures pertaining to realized investment gains and losses.

Other Income

220-944-S50-3
See paragraph 944-220-S99-1, Regulation S-X Rule 7-04.4, for required disclosures pertaining to other income.

Underwriting, Acquisition, and Insurance Expenses

220-944-S50-4
See paragraph 944-220-S99-1, Regulation S-X Rule 7-04.7, for required disclosures pertaining to underwriting, acquisition, and insurance expenses.

Equity in Earnings of Unconsolidated Subsidiaries

220-944-S50-5
See paragraph 944-220-S99-1, Regulation S-X Rule 7-04.11, for required disclosures pertaining to equity in earnings of unconsolidated subsidiaries.

220-944-S99SEC MaterialsSEC

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SEC Rules, Regulations, and Interpretations

220-944-S99-1
The following is the text of Regulation S-X Rule 7-04, Statements of Comprehensive Income (17 CFR 210.7-04).
  • The purpose of this section is to indicate the various items which, if applicable, should appear on the face of the statements of comprehensive income and in the notes thereto filed for persons to whom this article pertains. (See § 210.4-01(a).)
  • REVENUES
  • 1. Premiums. Include premiums from reinsurance assumed and deduct premiums on reinsurance ceded. Where applicable, the amounts included in this caption should represent premiums earned.
  • 2. Net investment income. State in a note to the financial statements, in tabular form, the amounts of (a) investment income from each category of investments listed in the subcaptions of §210.7-03.1 that exceeds five percent of total investment income, (b) total investment income, (c) applicable expenses, and (d) net investment income.
  • 3. Realized investment gains and losses. Disclose the following amounts:
    • (a) Net realized investment gains and losses, which shall be shown separately regardless of size.
    • (b) Indicate in a footnote the registrant's policy with respect to whether investment income and realized gains and losses allocable to policyholders and separate accounts are included in the investment income and realized gain and loss amounts reported in the statement of comprehensive income. If the statement of comprehensive income includes investment income and realized gains and losses allocable to policyholders and separate accounts, indicate the amounts of such allocable investment income and realized gains and losses and the manner in which the insurance enterprise's obligation with respect to allocation of such investment income and realized gains and losses is otherwise accounted for in the financial statements.
    • (c) [Reserved]
    • (d) For each period for which a statement of comprehensive income is filed, include in a note an analysis of realized and unrealized investment gains and losses on fixed maturities and equity securities. For each period, state separately for fixed maturities [see § 210.7-03.1(a)] and for equity securities [see § 210.7-03.1(b)] the following amounts:
      • (1) Realized investment gains and losses, and
      • (2) The change during the period in the difference between value and cost.
    • The change in the difference between value and cost shall be given for both categories of investments even though they may be shown on the related balance sheet on a basis other than value.
  • 4. Other income. Include all revenues not included in captions 1 and 2 above. State separately in the statement any amounts in excess of five percent of total revenue, and disclose the nature of the transactions from which the items arose.
  • BENEFITS, LOSSES AND EXPENSES
  • 5. Benefits, claims, losses and settlement expenses.
  • 6. Policyholders' share of earnings on participating policies, dividends and similar items. (See § 210.7-03.14(b).)
  • 7. Underwriting, acquisition and insurance expenses. State separately in the statement of comprehensive income or in a note thereto (a) the amount included in this caption representing deferred policy acquisition costs amortized to income during the period, and (b) the amount of other operating expenses. State separately in the statement of comprehensive income any material amount included in all other operating expenses.
  • 8. Income or loss before income tax expense and appropriate items below.
  • 9. Income tax expense. Include under this caption only taxes based on income. (See § 210.4-08(h).)
  • 10. Equity in earnings of unconsolidated subsidiaries and 50% or less owned persons. State, parenthetically or in a note, the amount of dividends received from such persons. If justified by the circumstances, this item may be presented in a different position and a different manner. (See § 210.4-01(a).)
  • 11. Income or loss from continuing operations.
  • 12. Discontinued operations.
  • 13-15. [Reserved]
  • 16. Net income or loss.
  • 17. Net income attributable to the noncontrolling interest.
  • 18. Net income attributable to the controlling interest.
  • 19. Other comprehensive income. State separately the components of and the total for other comprehensive income. Present the components either net of related tax effects or before related tax effects with one amount shown for the aggregate income tax expense or benefit. State the amount of income tax expense or benefit allocated to each component, including reclassification adjustments, in the statement of comprehensive income or in a note.
  • 20. Comprehensive income.
  • 21. Comprehensive income attributable to the noncontrolling interest.
  • 22. Comprehensive income attributable to the controlling interest.
  • 23. Earnings per share data.
  • [46 FR 54335, Nov. 2, 1981, as amended at 57 FR 45293, Oct. 1, 1992; 74 FR 18615, Apr. 23, 2009; 83 FR 50203, Oct. 4, 2018]

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