{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/310/944/#25-recognition","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":"310","topic_title":"Receivables","subtopic":"310-944","subtopic_title":"Financial Services—Insurance","section":{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":"Mortgage Loans","paragraphs":[{"citation":"310-944-25-1","para":"25-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_FFA1D537-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Mortgage loans shall be recognized as assets. </span></span></div></div>","snippet":"Mortgage loans shall be recognized as assets.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:12f9bc12bf99284367a9520cdab1a92cea68f984e4c05aa4dfe535acaae953bb","downloaded_from":"2026-09-09T23:29:56.043Z","last_downloaded_at":"2026-09-09T23:29:56.043Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478283","source_sha256":"96a034a0aa60ece3dab0e5884f10d7e65d7d66601ef85c8510045b735bc25d7b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:96e69774a17b51311366400e45c2caebe903440d352df17299cfc23d0ce38839","downloaded_from":"2026-09-09T23:29:56.043Z","last_downloaded_at":"2026-09-09T23:29:56.043Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478283","source_sha256":"96a034a0aa60ece3dab0e5884f10d7e65d7d66601ef85c8510045b735bc25d7b"}},{"block":"Reinsurance Contracts","heading":"Reinsurance Recoverables","paragraphs":[{"citation":"310-944-25-2","para":"25-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_FFA9DCFD-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Ceding entities shall report separately as assets estimated <a href=\"/glossary/r/#reinsurance-recoverable\" class=\"term\" title=\"All amounts recoverable from reinsurers for paid and unpaid claims and claim settlement expenses, including estimated amounts receivable for unsettled claims, claims incurred but not reported, or policy benefits.\"><span>reinsurance recoverables</span></a> arising from both of the following types of contracts: </span></span><ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_FFA9DEF1-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"><a href=\"/glossary/r/#reinsurance\" class=\"term\" title=\"A transaction in which a reinsurer (assuming entity), for a consideration (premium), assumes all or part of a risk undertaken originally by another insurer (ceding entity). For indemnity reinsurance, the legal rights of the insured are not affected by the reinsurance transaction and the insurance entity issuing the insurance contract remains liable to the insured for payment of policy benefits. Assumption or novation reinsurance contracts that are legal replacements of one insurer by another extinguish the ceding entity's liability to the policyholder.\"><span>Reinsurance</span></a> contracts that are legal replacements of one insurer by another (often referred to as assumption and novation) </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_FFA9E09E-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Reinsurance contracts in which a <a href=\"/glossary/c/#ceding-entity\" class=\"term\" title=\"The party that pays a reinsurance premium in a reinsurance transaction. The ceding entity receives the right to reimbursement from the assuming entity under the terms of the reinsurance contract.\"><span>ceding entity</span></a> is not relieved of the legal liability to its policyholder. </span></span></div></li></ol></div></div>","snippet":"Ceding entities shall report separately as assets estimated reinsurance recoverables arising from both of the following types of contracts:\n(a) Reinsurance contracts that are legal replacements of one insurer by another …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0a44ae28edf072355695d65cc3c7113df1a968b2df3f02bd7904f10b5fe21764","downloaded_from":"2026-09-09T23:29:56.043Z","last_downloaded_at":"2026-09-09T23:29:56.043Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478283","source_sha256":"96a034a0aa60ece3dab0e5884f10d7e65d7d66601ef85c8510045b735bc25d7b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6ea7855dab79fefe692fb188cae773bc24fc883db794e46f59c40340324a0c84","downloaded_from":"2026-09-09T23:29:56.043Z","last_downloaded_at":"2026-09-09T23:29:56.043Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478283","source_sha256":"96a034a0aa60ece3dab0e5884f10d7e65d7d66601ef85c8510045b735bc25d7b"}},{"block":"Financial Guarantee Insurance Contracts","heading":null,"paragraphs":[{"citation":"310-944-25-3","para":"25-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_FFB29D4F-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Paragraph <a href=\"/asc/605/944/#605-944-30-7\" class=\"xref\">944-605-30-7</a> states that if the premiums are received as payments over the period of the financial guarantee insurance contract, the insurance entity shall initially measure the unearned premium revenue at an amount equal to the present value of the premiums due or expected to be collected over the period of the financial guarantee insurance contract. </span></span>Example 1 in Section <a altsource=\"GUID-67977860-F8B6-4CE6-AE5E-89DE005EC354.ditamap\" class=\"ditamap\">944-605-55</a> (see paragraph <a href=\"/asc/605/944/#605-944-55-16\" class=\"xref\">944-605-55-16</a>) illustrates the application of this paragraph. <span class=\"sfragment\" id=\"sfr_FFB29EC0-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Paragraph <a href=\"/asc/310/944/#310-944-30-2\" class=\"xref\">944-310-30-2</a> provides guidance on the discount rate and the period used.</span></span></div></div>","snippet":"Paragraph 944-605-30-7 states that if the premiums are received as payments over the period of the financial guarantee insurance contract, the insurance entity shall initially measure the unearned premium revenue at an a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:02bdd0de91bad95a6d9e8a146135f3bede4c9458d8272f9b6b80f2d138395d3f","downloaded_from":"2026-09-09T23:29:56.043Z","last_downloaded_at":"2026-09-09T23:29:56.043Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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