# ASC 470-944-25: Debt — Financial Services—Insurance — 25 Recognition

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/470/944/#25-recognition)

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## ASC 470-944-25: 25 Recognition

[Read section](https://asc.understandingaccounting.org/asc/470/944/#25-recognition)

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#### Surplus Notes

##### [470-944-25-1](https://asc.understandingaccounting.org/asc/470/944/#470-944-25-1)

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[Surplus notes](https://asc.understandingaccounting.org/glossary/s/#surplus-notes "Surplus notes are financial instruments issued by insurance entities that are includable in surplus for statutory accounting purposes as prescribed or permitted by state laws and regulations.") shall be accounted for as debt instruments; equity treatment for surplus notes is inappropriate.